Disposed

Manohar Singh v. Pithoragarh Zila Sahkari Bank and Another

Uttarakhand HC5 Mar 2013WPMS/357/2013

Case brief

AI extract

What is this about?

The Court granted relief to permit the petitioner to pay a dues amount of Rs.16.00 lacs via installments for a banking recovery matter, while restraining the respondent from coercive measures and the petitioner from asset transfer.

What did the court decide?

Recorded undertaking by the petitioner to pay Rs.6.00 lacs within the stipulated time and the remaining Rs.10.00 lacs in ten equal monthly installments of Rs.1.00 lac each, with the interim order rest

Manohar Singh Vs Pithoragarh Zila Sahkari Bank and… — Banking and Recovery | Uttarakhand HC (2013)

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WPMS No.357 of 2013

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Hon’ble Kalyan Jyoti Sengupta, J.

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Ms. Jyoti Joshi, Advocate present for the

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petitioner.

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Mr. Anil Kumar Bisht, Advocate present for the Bank/respondent No.1.

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Mr. H.M. Bhatia, Brief Holder present for respondent No.2.

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After hearing the learned counsel for the parties. On the last date, the matter was adjourned at the request of learned counsel for the Bank to receive instruction in the matter. He submits under instruction that the bank in principle agreeable to receive payment by installment. But rate of installment as suggested by the petitioner is not acceptable.

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In view of the statement in the petition and taking consideration of the fact and circumstances of the case, it appears that total amount is due around 16.00 lacs and also recovery charges.

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Considering the hardships of the petitioner, I feel that installments may be granted. Accordingly, I direct the petitioner to pay the amount of Rs.16.00 lacs by following manner.

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A sum of Rs.6.00 lacs shall be paid by the petitioner on or before on 30.04.2013 and balance amount of Rs.10.00 lacs shall be paid by equal ten installments of Rs.1.00 lac per month. Subsequent installments after initial payment shall be made by 30^th of each and every succeeding month. After payment of entire amount of Rs.16.00 lacs, the

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petitioner shall pay recovery charges under the Law.

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In case of failure to pay initial installment and any two subsequent installments or last installment, the interim order which is being passed by this Court, shall stand vacated and respondent should be free to take action against the petitioner in accordance with law for balance dues.

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In view of this order of payment of installments, the respondents are restrained from taking any coercive measure against the petitioner. At the same time the petitioner is restrained from transferring disposing of fixed assets save in usual course of business till aforesaid outstanding is liquidated.

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With the aforesaid direction, the writ petition is disposed of.

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JKJ

Manohar Singh v. Pithoragarh Zila Sahkari Bank and Another

Case brief

What is this about?

What did the court decide?

Manohar Singh v. Pithoragarh Zila Sahkari Bank and Another

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

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