Disposed

M/S Sahara Brothers (India) Near Gurudwara Bhaura Sahib Meerut and Another v. State of U.P. and 3 Ot Hers

Allahabad HC27 Jan 2023WRIC/2675/2023

Case brief

AI extract

What is this about?

In a writ petition against a bank possession order, the court disposed of the matter based on counsel's consent, directing payment in three monthly installments with discharge upon default.

What did the court decide?

Petitioners to pay entire remaining amount with interest in three equal monthly installments within three months; automatic discharge of arrangement upon default.

M/S Sahara Brothers (India) Near Gurudwara Bhaura… — Banking and Recovery | Allahabad HC (2023)

¶1

Court No. - 21

¶2

Case :- WRIT - C No. - 2675 of 2023

¶3

Petitioner :- M/S Sahara Brothers (India) Near Gurudwara Bhaura Sahib Meerut And Another Respondent :- State Of U.P. And 3 Ot Hers Counsel for Petitioner :- Om Prakash Singh Counsel for Respondent :- C.S.C.,Satish Chaturvedi

¶4

Hon'ble Manoj Kumar Gupta,J. Hon'ble Vikram D. Chauhan,J.

¶5

The instant petition has been fil ed for a writ of mandamus commanding respondent no. 4 to accept the remaining amount of loan in installments within two years.

¶6

It appears from the record that an order under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was passed on 14.10.2022 for taking over possession of the mortgaged asset. The petitioners admit that they had taken loan and there was default in repayment of the same and consequently, order under Section 14 was passed.

¶7

Sri Pankaj Srivastava, learned counsel appearing on behalf of respondent-Bank admits that the mortgaged asset has not been sold so far. He points out that the petitioner himself had filed an application on 1.12.2022 for grant of three months time to him to make the payment. He submits that according to his instructions, the Bank is ready to accept the remaining amount within three months from today, which is acceptable to learned counsel for the petitioners.

¶8

Accordingly and with consent of counsel for the parties, the instant petition is disposed of as follows:

¶9

(a) The petitioners will pay the entire remaining amount with interest in three equal monthly installments so that the entire amount is cleared within three months from today.

¶10

(b) In case of default, the aforesaid arrangement will stand discharged automatically and it shall become open to the respondent-Bank to proceed further in the matter in accordance with law.

¶11

(Vikram D. Chauhan J.) (Manoj Kumar Gupta, J.)

¶12

Order Date :- 27.1.2023 Jaideep/-

¶13

Digitally signed by :- JAIDEEP BANERJEE High Court of Judicature at Allahabad

M/S Sahara Brothers (India) Near Gurudwara Bhaura Sahib Meerut and Another v. State of U.P. and 3 Ot Hers

Case brief

What is this about?

What did the court decide?

M/S Sahara Brothers (India) Near Gurudwara Bhaura Sahib Meerut and Another v. State of U.P. and 3 Ot Hers

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Gagan Bihari Vs State of U.P. and 5 Others

Manju Singh Vs State of U.P. and 3 Others

Surendra Kumar Khanna Vs State of U.P. and Another

Anirudh Singh Vs State of U.P. and 3 Others

Premvati and Another Vs State of U.P. and Another

Tata Capital Housing Finance Ltd. through Its Duly Constituted Attorney / Authorised Representative Vs State of U.P. and 3 Others