Court No. - 36 Case :- WRIT - C No. - 4755 of 2010 Petitioner :- Lal Bahadur Respondent :- Authorised Officer/B.M., Canara Bank Petitioner Counsel :- Ashok Kumar Respondent Counsel :- Siddharth Hon'ble Prakash Krishna,J.
Hon’ble Yogesh Chandra Gupta,J.
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 pays the entire dues in
four instalments as mentioned below.
The first instalment shall be paid by the petitioner by 5th March 2010, the
second instalment shall be paid by 5th June 2010, the third instalment shall be
paid by 5th September 2010 and the last instalment shall be paid by the
petitioner by 5th 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 :- 1.2.2010
NS