Disposed

Ram Gyan Yadav v. Punjab National Bank and 2 Others

Allahabad HC10 Jan 2023WRIC/775/2023

Case brief

AI extract

What is this about?

Petitioner challenged a notice under Section 13(2) of the SARFAESI Act. The court formulated an agreement where the petitioner deposits 25% immediately and clears the remaining dues in two installments over six months, subject to automatic discharge of this arrangement in case of default.

What did the court decide?

Petitioner directed to deposit 25% immediately and clear remaining dues in two installments within six months.

Ram Gyan Yadav Vs Punjab National Bank… — Contract and Commercial Disputes | Allahabad HC (2023)

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Court No. - 21 Case :- WRIT - C No. - 775 of 2023 Petitioner :- Ram Gyan Yadav Respondent :- Punjab National Bank And 2 Others Counsel for Petitioner :- Om Prakash Pandey,Ved Prakash Pandey Counsel for Respondent :- C.S.C.,Dharmendra Vaish

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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 notice dated 10.10.2022 issued by the respondent-Bank under Section 13 (2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of its dues from the petitioner.

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Learned counsel for the petitioner admits that the petitioner had taken loan and that he 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 S.P. Vishwakarma holding brief of Sri Dharmendra Vaish, learned counsel appearing on behalf of the 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 :- 10.1.2023 SL

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

Ram Gyan Yadav v. Punjab National Bank and 2 Others

Case brief

What is this about?

What did the court decide?

Ram Gyan Yadav v. Punjab National Bank and 2 Others

Case brief

What is this about?

What did the court decide?

What the court decided

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