Arvind Gupta and Another Vs State of U.P. and 2 Others

Court No. - 21

Case :- WRIT - C No. - 35940 of 2022

Petitioner :- Arvind Gupta And Another Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Vidya Prakash Singh,Sanjay Kumar Tripathi Counsel for Respondent :- C.S.C.,Krishna Mohan Asthana

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

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The instant petition has been filed challenging the order dated 25.7.2022 passed by respondent no. 2 under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

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Counsel for the petitioners states that the petitioners are ready to pay the entire amount in default, along with interest in installments.

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Sri K.M. Asthana, learned counsel for the respondent Bank, admits that the mortgaged property has not been sold so far. He further states on instructions that the respondent Bank is ready to accept money in installments, provided at least 25% of the total amount in default is deposited as upfront money.

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Counsel for the petitioners is agreeable to the same.

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Accordingly and in view of the agreement between the parties, the instant petition is disposed of as follows:

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(a) The petitioners shall deposit 25 percent of the total amount within one month from today.

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(b) The remaining amount will be deposited in two installments, each of two and half month, so that the entire liability is cleared within six months from today.

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

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Any amount already deposited will be duly taken care of while calculating the amount to be paid in pursuance of the instant order.

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(Vikram D. Chauhan J.) (Manoj Kumar Gupta, J.) Order Date :- 18.1.2023 Jaideep/-

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

Arvind Gupta and Another v. State of U.P. and 2 Others

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Arvind Gupta and Another v. State of U.P. and 2 Others

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