Disposed

New Bajrang Cycle Store Proprietor Sanajay Kumar v. State of U P and 3 Others

Allahabad HC23 Jan 2023WRIC/40326/2022

Case brief

AI extract

What is this about?

The High Court dismissed the writ petition challenging a sale notice under the SARFAESI Act. The court upheld an agreement between the parties to repay the defaulted loan in installments, with fallback provisions for default.

What did the court decide?

Petition disposed; Petitioner to deposit 25% of total amount within one month and clear remaining liability within six months via installments.

New Bajrang Cycle Store Proprietor… — Contract and Commercial Disputes | Allahabad HC (2023)

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Court No. - 21 Case :- WRIT - C No. - 40326 of 2022 Petitioner :- New Bajrang Cycle Store Proprietor Sanajay Kumar Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Sanjay Kumar Singh,Vidya Kant Tripathi Counsel for Respondent :- CSC,Krishna Mohan Asthana

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

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The petitioner has challenged the sale notice dated 16.11.2022 issued by respondent-Bank under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 read with Rule 8 of the Security Interest (Enforcement) Rules, 2002.

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Counsel for the respondent-Bank admits that till date, the mortgaged property has not been sold.

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Learned counsel for the petitioner admits that the petitioner had taken loan and that it had defaulted in payment of the same in terms of the agreement executed between the parties.

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He, however, submits that the petitioner is ready to deposit the entire amount in installments.

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Sri Sagar Srivastava Advocate holding brief of Sri K.M. Asthana, learned counsel appearing on behalf of respondent-Bank, on instructions, states that the respondent-Bank is ready to accept the money in installments, provided 25 percent of the total remaining amount is deposited by the petitioner forthwith to show his bonafides and the remaining amount within 5 months.

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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 petitioner 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, i.e., 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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(Vikram D. Chauhan, J.) (Manoj Kumar Gupta, J.)

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Order Date :- 23.1.2023 SL

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Digitally signed by :- SHYAM LAL High Court of Judicature at Allahabad

New Bajrang Cycle Store Proprietor Sanajay Kumar v. State of U P and 3 Others

Case brief

What is this about?

What did the court decide?

New Bajrang Cycle Store Proprietor Sanajay Kumar v. State of U P and 3 Others

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

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