Disposed

M/S Chandra Automobiles G.T. Road and 2 Others v. Chief Manager / Authorized Officer, and Another

Allahabad HC12 Dec 2024WRIC/41348/2024

Case brief

AI extract

What is this about?

A creditor petition seeking quashing of a bank notice was disposed of by consent. The High Court directed the petitioners to deposit 20% upfront and clear the remaining dues in three equal bimonthly installments within six months, with arrangement discharge upon default.

What did the court decide?

Direct deposit of 20% upfront and remaining dues in three equal bimonthly installments within six months. Arrangement discharges on default.

M/S Chandra Automobiles G.T. Road and 2… — Contract and Commercial Disputes | Allahabad HC (2024)

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Neutral Citation No. - 2024:AHC:194575-DB

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Court No. - 29

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Case :- WRIT - C No. - 41348 of 2024

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Petitioner :- M/S Chandra Automobiles G.T. Road And 2 Others Respondent :- Chief Manager / Authorized Officer, And Another Counsel for Petitioner :- Lal Mani Singh Counsel for Respondent :- Anadi Krishna Narayana

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Hon'ble Vivek Kumar Birla,J. Hon'ble Ms. Nand Prabha Shukla,J.

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Heard Shri Lal Mani Singh, learned counsel for the petitioners, Shri P.K. Srivastava, learned counsel appearing for the Bank of Baroda-respondent nos.1 and 2.

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The instant petition has been filed praying for quashing of the impugned notice dated 03.04.2024. It is further prayed that the respondents be directed to take the loan in easy installments.

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Learned counsel for the petitioners submits that the petitioners admit their liability and are ready to pay the entire outstanding dues of the respondentBank along with up-to-date interest in installments.

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Learned counsel appearing on behalf of respondent submits that in case, the entire amount as mentioned in the impugned notice is paid within a time bound period, the respondent-Bank is ready to accept the money in installments.

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Accordingly and with consent of learned counsel for the parties, the writ petition is disposed of as follows:

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(a) The petitioners shall deposit 20% of the money as indicated in the impugned notice before the respondent-Bank as upfront money by 12th January 2025.

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(b) The remaining amount along with up-to-date interest will be deposited in three equal bimonthly installments, so that the entire liability is cleared within next six months.

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In case of default in complying with the conditions stipulated above, the instant arrangement will stand discharged automatically and it shall become open to the respondent-finance company to proceed further in the matter in accordance with law.

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Order Date :- 12.12.2024 Nitendra

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Digitally signed by :- NITENDRA TIWARI High Court of Judicature at Allahabad

M/S Chandra Automobiles G.T. Road and 2 Others v. Chief Manager / Authorized Officer, and Another

Case brief

What is this about?

What did the court decide?

M/S Chandra Automobiles G.T. Road and 2 Others v. Chief Manager / Authorized Officer, and Another

Case brief

What is this about?

What did the court decide?

What the court decided

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