Disposed

Manorma Devi v. The Central Bank Of India and Ors.

Patna HC28 Aug 2012CWJC/15478/2012

Case brief

AI extract

What is this about?

The Patna High Court disposed of a writ petition challenging SARFAESI proceedings initiated against a guarantor. The Court directed the petitioner to approach the Bank with an unconditional offer to liquidate debts and fix instalments, suspending further proceedings if the schedule was followed.

What did the court decide?

Proceedings under SARFAESI Act kept in abeyance subject to petitioner liquidating debt and adhering to an instalment schedule.

Manorma Devi Vs The Central Bank Of India and Ors. — Banking and Recovery | Patna HC (2012)

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IN THE HIGH COURT OF JUDICATURE AT PATNA Civil Writ Jurisdiction Case No.15478 of 2012

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====================================================== Manorma Devi, wife of Late Nand Kishore Singh, resident of M/s Reet Shree Garments, Sohsarai (Kathal Tola) P.S. Sohsarai, Distict Nalanda .... .... Petitioner Versus 1. The Central Bank of India through its Regional Manager having its office at Rameshwar Sinha Path Bisar Talab Gaya 823001. 2. The Regional Manager, Central Bank of India, Rameshwar Sinha Path Bisar Talab Gaya 823001. 3. The Branch Manager, Central Bank of India, Nalanda College Branch, Biharsharif, P.S. Bihar, District Nalanda .... .... Respondents ====================================================== Appearance : For the Petitioner : Mr. Binod Murari Mishra, Advocate For the Respondents : Mr. Ajay Kumar Sinha, Advocate ====================================================== CORAM: HONOURABLE MR. JUSTICE JAYANANDAN SINGH

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ORAL ORDER

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2 28-08-2012 Petitioner is a guarantor of the loan taken by her son from the Bank. Loan was classified as NPA and thereafter a proceeding under the SARFAESI Act was initiated against the borrower as well as petitioner.

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Annexure-1 is a possession notice issued by the Bank in respect of the mortgaged property. Petitioner, the mother of the borrower, has come to this Court against the same.

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Learned counsel for the petitioner submits that petitioner’s son is ready to liquidate the debts of the Bank with all up-to-date interest but in easy instalments. Petitioner also undertakes that loan will be liquidated.

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In the circumstances, this writ application is disposed of

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Patna High Court CWJC No.15478 of 2012 (2) dt.28-08-2012

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with liberty to petitioner and her son to approach the Bank within 15 days with unconditional offer to liquidate the debts of Bank with up-to-date interest and make request with Bank to fix up easy instalment. If they do so, Bank will consider same and, if possible, fix up instalments for liquidating the debts of Bank. If the petitioner follows the schedule of payment, the Bank will keep the proceeding initiated under the SARFAESI Act in abeyance.

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However, it is made clear that if at any point of time petitioner and/or her son defaults in complying with the time schedule for payment of instalments of loan, Bank will be at liberty to proceed against them further in accordance with law.

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B.T/-

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(Jayanandan Singh, J)

Manorma Devi v. The Central Bank Of India and Ors.

Case brief

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Manorma Devi v. The Central Bank Of India and Ors.

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