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Smt. Kanchan Singh v. The Syndicate Bank Through Its Regional Manager, Patna and Ors.

Patna HC7 Sept 2012CWJC/16540/2012

Case brief

AI extract

What is this about?

The High Court fixed an installment plan for the petitioner to clear dues against a bank loan. Upon compliance with the initial deposit and monthly installments, possession of the mortgaged property and documents were to be restored, staying SARFAESI proceedings.

What did the court decide?

Bank to restore possession and documents after initial deposit of Rs. 5 lakhs and monthly installments of Rs. 2 lakhs; SARFAESI proceedings stayed pending repayment.

Smt. Kanchan Singh Vs The Syndicate Bank Through Its… — Banking and Recovery | Patna HC (2012)

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IN THE HIGH COURT OF JUDICATURE AT PATNA Civil Writ Jurisdiction Case No.16540 of 2012

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====================================================== Smt. Kanchan Singh, wife of Praveen Kumar Singh, Proprietor of M/S Steel Edge Industries, Kharmanchak, D.N.Singh Road, P.O.-Bhagalpur City, District-Bhagalpur. .... .... Petitioner/s Versus 1. The Syndicate Bank through its Regional Manager, Patna. 2. The Branch Manager, Syndicate Bank, Bhagalpur Branch, Patal Babu Road, Bhagalpur. 3. The Authorized Officer, Syndicate Bank, Bhagalpur Branch, Patal Babu Road, Bhagalpur. .... .... Respondent/s ====================================================== Appearance : For the Petitioner/s : Mr. Siddharth Harsh For the Respondent/s : Mr. Sanjiv Kumar. ====================================================== CORAM: HONOURABLE MR. JUSTICE JAYANANDAN SINGH ORAL ORDER

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3 07-09-2012 Learned counsel for the Bank has produced up-to-date account of the dues of the petitioner as on 31.08.2012 which is Rs.39,906.73.

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Learned counsel for the petitioner submits that the petitioner is ready to liquidate the entire dues, if some installment is fixed.

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On equitable consideration, this Court considers that petitioner should be granted some opportunity to liquidate her dues so that she may not lose her mortgaged property.

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Learned counsel for the petitioner agrees that the petitioner will deposit an amount of Rs.5 lakhs latest by next Friday, i.e., 14^th of September, 2012 with the Bank.

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On deposit of Rs.5 lakhs by next Friday, the Bank shall hand over possession of the house back to the petitioner of the

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Patna High Court CWJC No.16540 of 2012 (3) dt.07-09-2012

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mortgaged property and document to her.

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This Court fixes up an installment of Rs.2 lakhs per month which the petitioner shall deposit in the Bank on or before 15^th of every month starting from next month, i.e., October, 2012. After the petitioner deposits 17^th installments of Rs.2 lakhs with the Bank, the Bank will settle the loan account of the petitioner and shall issue no dues certificate.

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It is made clear that in case petitioner does not deposit an amount of Rs.5 lakhs by next Friday and fails in deposit of any installment by 15^th of every month, the Bank will be at liberty to proceed with the proceeding under SARFAESI Act in accordance with law. With the last installment of Rs.2 lakhs, petitioner will also pay actual expenses incurred by the Bank in taking steps against the petitioner under SARFAESI Act. Apart from the above, the Bank shall not charge any further interest from the petitioner. As long as petitioner goes on depositing installments on or before due date, the SARFAESI Act against the petitioner shall remain stayed.

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The writ application is disposed of with the aforesaid observations and directions.

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Arvind/-

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(Jayanandan Singh, J)

Smt. Kanchan Singh v. The Syndicate Bank Through Its Regional Manager, Patna and Ors.

Case brief

What is this about?

What did the court decide?

Smt. Kanchan Singh v. The Syndicate Bank Through Its Regional Manager, Patna and Ors.

Case brief

What is this about?

What did the court decide?

What the court decided

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