Disposed

Arun Kumar Dubey @ Arun Kumar v. U.P. Sahkari Gram Vikas Bank Limited Lko. Thru. Branch Manager Distt. Faizabad

Allahabad HC21 Mar 2024/2766/2024

Case brief

AI extract

What is this about?

This single-judge writ petition challenged a bank's auction notice due to a loan dispute. The court, with party consent, stayed auction proceedings conditioned on the petitioner depositing 50,000 immediately and clearing the balance in quarterly installments, with liberty to the bank to resume action upon default.

What did the court decide?

Petitioner directed to deposit Rs. 50,000 within four weeks and clear balance in six equal quarterly installments starting July 22, 2024, in which case recovery/auction proceedings to stand in abeyanc

Arun Kumar Dubey @ Arun Kumar Vs U.P… — Contract and Commercial Disputes | Allahabad HC (2024)

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Neutral Citation No. - 2024:AHC-LKO:25029

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Court No. - 6

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Case :- WRIT - C No. - 2766 of 2024

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Petitioner :- Arun Kumar Dubey @ Arun Kumar Respondent :- U.P. Sahkari Gram Vikas Bank Limited Lko. Thru. Branch Manager Distt. Faizabad Counsel for Petitioner :- Rajesh Yadav,Ashish Kumar Shukla,Shiv Prakash Mishra Counsel for Respondent :- Sanjeev Kumar Singh

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Hon'ble Alok Mathur,J.

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Heard learned counsel for the petitioner as well as Sri Sanjeev Kumar Singh learned counsel appearing on behalf of respondent-bank and perused the record.

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By means of the present writ petition, the petitioner has challenged the auction / recovery notice dated 16.09.2023 amounting to Rs. 2,26,000/- issued by the respondent to the petitioner in pursuance of the outstanding loan amount of Rs. 72,000/- of the petitioner under Rule 24 of Uttar Pradesh Sahkari Gram Vikas Bank Ltd. rules, 1971.

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It has been submitted by learned counsel for petitioner that petitioner had taken an agricultural loan for the purpose of dairy development for an amount of Rs. 72,000/- on 10.10.2013 and the petitioner has mortgaged the agricultural land as security towards the said loan. He has further submitted that petitioner has already deposited an amount of Rs. 26,825/- but still the respondents have issued a recovery certificate for recovery of an amount of Rs. 2,26,000/- on 16.09.2023.

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Learned counsel for the petitioner submits that the petitioner is ready and willing to deposit the total outstanding loan amount in installment.

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Learned counsel for the respondent-bank on the basis of instruction from the respondent-bank submits that the total outstanding amount as on 31.01.2024 is Rs. 2,56,567/- and also submits in case the petitioner is ready and willing to pay the entire outstanding amount in installments the respondent-bank would not have any objections.

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Accordingly, with the consent of the parties the petition is disposed of finally with following directions:-

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(i) The petitioner shall deposit an amount of Rs. 50,000/- within four weeks from today.

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(ii) In case the petitioner deposits the said amount, the recovery /auction proceedings initiated against the petitioner shall be kept in abeyance.

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(iii) The remaining amount shall be deposited by the petitioner in six equal quarterly installments starting from 22nd July, 2024.

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(iv) The respondent bank shall intimate to the petitioner the total outstanding amount along with interest prior to falling due of the second installment so that the petitioner can pay the entire amount along with interest till the last installment.

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(v) In case the petitioner does not pay or fails in depositing any of the aforesaid installments the benefit of this order shall not be available to him and the bank shall be at liberty to recover the same in accordance with law.

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(Alok Mathur, J.)

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Order Date :- 21.3.2024 Ravi/

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Digitally signed by :- RAVI SHANKAR SRIVASTAV High Court of Judicature at Allahabad, Lucknow Bench

Arun Kumar Dubey @ Arun Kumar v. U.P. Sahkari Gram Vikas Bank Limited Lko. Thru. Branch Manager Distt. Faizabad

Case brief

What is this about?

What did the court decide?

Arun Kumar Dubey @ Arun Kumar v. U.P. Sahkari Gram Vikas Bank Limited Lko. Thru. Branch Manager Distt. Faizabad

Case brief

What is this about?

What did the court decide?

What the court decided

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