Disposed

Surendra Kumar v. U.P. Co-Operative Village Development Bank Ltd., Ayodhya Thru. Regional Manager and Another

Allahabad HC6 Jun 2024/5281/2024

Case brief

AI extract

What is this about?

Petitioner challenged auction notice for NPA loan. Court organized settlement directing mandatory upfront deposit followed by quarterly installments with interest. Abidance exempts petitioner from coercive actions.

What did the court decide?

Directing deposit of Rs.27,682 within one month and payment of remaining dues in eight quarterly installments with interest; exemption from coercive measures on compliance.

Surendra Kumar Vs U.P. Co-Operative Village… — Service and Employment | Allahabad HC (2024)

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Neutral Citation No. - 2024:AHC-LKO:42592

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Court No. - 3

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Case :- WRIT - C No. - 5281 of 2024

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Petitioner :- Surendra Kumar Respondent :- U.P. Co-Operative Village Development Bank Ltd., Ayodhya Thru. Regional Manager And Another Counsel for Petitioner :- Nishant Kumar Shukla,Awnish Kumar

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Counsel for Respondent :- Vinod Kumar Singh

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Hon'ble Manish Kumar,J.

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The present writ petition has been preferred for quashing of the auction notice dated 19.08.2023 issued under Rule 24 of the Uttar Pradesh Sahkari Gram Vikas Banks Rules, 1971 (hereinafter referred as the Rules, 1971).

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Learned counsel for the petitioner has submitted that the petitioner had taken a loan of Rs. 40,000/- from the respondent Bank - Uttar Pradesh Cooperative Village Development Bank Ltd. on 19.11.2013 for goat farming but due to poor financial condition the said account has become NPA. It is further submitted that due to unavoidable and unforeseen circumstances, the petitioner could not pay the installments within time.

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Learned counsel for the petitioner on the basis of instructions has stated that petitioner is ready to pay the entire outstanding loan amount in easy installments as stipulated by this Court.

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On the other hand Sri Vinod Kumar Singh, learned counsel appearing for the respondent Bank on the basis of instructions received has submitted that till 31.03.2024 the amount due against the petitioner was Rs.1,27,682/- and the Bank has no objection if petitioner is directed to pay the entire outstanding loan amount in easy installments with interest from the date of recovery/demand notice dated 19.08.2023 till the payment of last installment.

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Accordingly, this writ petition is finally disposed of with the following directions:-

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(i) The petitioner shall deposit a sum of Rs.27,682/- within one month from today.

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(ii) The respondent Bank shall inform the petitioner in regard to the amount of quarterly installments within a period of two weeks from the date of deposit of Rs.27,682/-.

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(iii) Rest of the outstanding amount including the interest thereon from 06.07.2024 till the date of last installment shall be deposited in eight equal quarterly installments.

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(iv) It is further provided that the last installment under this order shall include the accrued amount of interest by that date.

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(v) In case, the petitioner abides by the terms of this order, no coercive measures shall be taken against the petitioner.

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In case, any default of this order is committed by the petitioner, it shall be open to the respondent-Bank to proceed against him by taking all measures including coercive measures, which may be available under the law.

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Order Date :- 6.6.2024

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S. Kumar

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Digitally signed by :- SANTOSH KUMAR High Court of Judicature at Allahabad, Lucknow Bench

Surendra Kumar v. U.P. Co-Operative Village Development Bank Ltd., Ayodhya Thru. Regional Manager and Another

Case brief

What is this about?

What did the court decide?

Surendra Kumar v. U.P. Co-Operative Village Development Bank Ltd., Ayodhya Thru. Regional Manager and Another

Case brief

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What did the court decide?

What the court decided

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