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Allahabad High Court
M/S Anil Trading Company vs Icici Bank Limited Bareilly And … on 16 June, 2010
Court No. - 10

Case :- WRIT - C No. - 34936 of 2010

Petitioner :- M/S Anil Trading Company
Respondent :- Icici Bank Limited Bareilly And Another
Petitioner Counsel :- Bhaskar Bhadra
Respondent Counsel :- Manish Trivedi

Hon'ble Rakesh Sharma,J.

Hon’ble Sabhajeet Yadav,J.

Heard learned counsel for the petitioners and learned counsel appearing for
the respondent Bank.

The contention of the petitioners is that due to some unavoidable
circumstances beyond his control, he could not deposit the amount of loan,
which he took from the respondent-Bank. Now they are willing to deposit the
same provided some easy instalments are fixed by the Court. The learned
Standing Counsel appearing for the respondent Bank has no objection if the
petitioners are permitted to deposit the amount of loan in instalments fixed by
the Court.

Taking into consideration the entire facts and circumstances of the case and
the submission made above, the writ petition is finally disposed of with the
direction to the petitioner to deposit the entire outstanding amount in four
equal quarterly instalments. The petitioners shall file an undertaking on
affidavit before the concerned Bank to deposit the instalments in time. On the
deposit of the first instalment, as directed, the impugned recovery against the
petitioner shall remain stayed till next instalment becomes due. If the
petitioners go on depositing the next instalments, no coercive steps including
attachment of house and sale of the house shall be carried out . In case of
default in depositing any of the instalments, the stay order shall stand
automatically vacated and the respondents shall be at liberty to realize the
entire balance amount in accordance with law. Further, this order will have no
effect if the petitioner has earlier been granted an order of payment of loan in
instalments by this Court and the petitioner has defaulted in payment of the
instalments.

Order Date :- 16.6.2010
VPC


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