Court No. - 9 Case :- WRIT - C No. - 35210 of 2010 Petitioner :- Deep Chandra Respondent :- District Magistrate/Collector And Others Petitioner Counsel :- Santosh Kumar Mishra Respondent Counsel :- C.S.C.,Siddharth Hon'ble Vijay Manohar Sahai,J.
Hon’ble Vikram Nath,J.
Heard learned counsel for the petitioners; learned standing counsel appearing
for the State-respondents and Shri Siddharth, learned counsel appearing for
the respondent-Bank.
The petitioner has challenged the recovery proceedings initiated by the
respondent-Bank under the Securitisation and Reconstruction of Financial
Assets of Security Act, 2002. Learned counsel for the petitioner has urged that
the petitioners are ready to pay the dues in instalments.
After considering the submissions and perusing the records, we dispose of this
petition with the direction that the recovery proceedings initiated against the
petitioner shall be kept in abeyance and the Bank shall not sell the property of
the petitioner in pursuance of recovery proceeding under Section 13 (2) or 13
(4) of the aforesaid Act and the possession of the property shall be handed
over back to the petitioner after he the entire dues in six equal instalments as
mentioned below. The first instalment shall be paid by the petitioner by 15th
July, 2010; second instalment shall be paid by 15th October, 2010; third
instalment shall be paid by 15th January, 2011; fourth instalment shall be paid
by 15th April, 2011; fifth instalment shall be paid by 15th July, 2011; and
sixth and the last instalment shall be paid by 15th October, 2011. Any amount
deposited earlier by the petitioners shall be adjusted. It is made clear that in
case of default in the payment of any of the instalments, as aforesaid, this
order shall stand automatically vacated and the respondents will be free to
realize the entire amount in accordance with law.
Order Date :- 16.6.2010
A.