Court No. - 36 Case :- WRIT - C No. - 4189 of 2010 Petitioner :- Akhtar & Anr. Respondent :- Central Bank Of India & Ors. Petitioner Counsel :- Vijiya Prakash Respondent Counsel :- C.S.C.,S.D. Sahai Hon'ble Prakash Krishna,J.
Hon’ble Yogesh Chandra Gupta,J.
Supplementary affidavit today may be taken on record.
Heard learned counsel for the parties.
The petitioner has challenged the recovery proceedings initiated by the
respondent bank under the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002.
Learned counsel for the petitioner states that the petitioner is prepared to pay
the disputed amount in easy instalments, to which learned counsel for the
respondents have no objection.
After considering the submissions and perusing the record, we dispose of this
writ petition with the direction that the recovery proceedings against the
petitioner shall be kept in abeyance and the bank shall not sell the property of
the petitioner in pursuance of the recovery proceedings initiated under Section
13(2) or 13(4) of the aforesaid Act and the possession of the property be
handed over back to the petitioner after the petitioner pay the entire dues in
four instalments as mentioned below.
The first instalments shall be paid by the petitioner by 15th March 2010, the
second instalment shall be paid by 15th June 2010, the third instalment shall
be paid by 15th September 2010 and the last instalment shall be paid by the
petitioner by 15th December 2010. Any amount earlier deposited by the
petitioner shall be adjusted.
It is made clear that in case of default in payment of any of the instalments as
aforesaid, this order shall stand automatically vacated and the respondents
will be at liberty to realize the entire amount in accordance with law.
Order Date :- 28.1.2010
NS