Court No. - 9 Case :- WRIT - C No. - 35285 of 2010 Petitioner :- Laxmi Respondent :- State Of U.P. & Others Petitioner Counsel :- D.N. Gupta,V.K. Gupta Respondent Counsel :- C.S.C.,P.K. Tripathi Hon'ble Vijay Manohar Sahai,J.
Hon’ble Vikram Nath,J.
Heard learned counsel for the petitioner; learned standing counsel appearing
for the State-respondents and Shri P.K. Tripathi, 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 petitioner is 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 pays 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 petitioner 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.