IN THE HIGH COURT OF JUDICATURE AT PATNA
CWJC No.8555 of 2005
Shashi Shankar Prasad, son of Late Sachitanand Prasad,
Resident of 204, Durga Apartment, Mahesh Nagar, District-Patna,
presently residing at E-145A (2nd Floor), Gali No.5, Pandav Nagar,
Patpar Ganj, Delhi-110 091.
..... ... Petitioner.
Versus
1. The Uco Bank through its General Manager having its Head
Office at 10, BTM Sarani (BRA Bourne Road), Kolkata- 700 001.
2. The Branch Manager, UCO Bank, Patliputra Industrial Area
(PIA) Branch, Patliputra Industrial Area, Patna (Bihar).
3. The Senior Manager, UCO Bank, Patliputra Industrial Area (PIA)
Branch, Patliputra Industrial Area, Patna (Bihar).
..... Respondents.
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For the petitioner : Mr. Anand K. Ojha, Advocate.
For the respondents : Mr. S. D. Sanjay, Advocate.
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07/ 25.08.2011 Heard learned counsel for the petitioner and learned
counsel for the respondents.
2. The petitioner has filed this writ petition for the
following reliefs:-
(i) Issuance of writ in the nature of mandamus
commanding the respondent Bank to convert the
liability under Cash Credit A/c No.468 after
adjustment of the Collateral Security already
offered into long term loan and issuance of further
direction to the Respondent Bank restraining the
Bank from taking any coercive steps against the
petitioner/guarantor for realisation of the amount or
in connection with the transaction.
(ii) Issuance of direction to the Bank to arrive at a
reasonable and equitable mode and manner of
realisation of the amount considering the admission
of liability and readiness to pay back the amount in
accordance with law.
3. Learned counsel for the petitioner submits that he is
ready to pay the entire amount due of Rs.3,21,000.00 and odd
including everything within one year. Learned counsel for the
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respondents submits that on the basis of the aforesaid undertaking
of the petitioner through his counsel he has got no objection.
4. In the said circumstances, this writ petition is
disposed of with a direction to the petitioner on the basis of his
own undertaking to pay the entire amount mentioned above within
one year in 12 monthly equal instalments. In case of petitioner’s
failure or default in payment of any of the aforesaid instalments,
the respondents will be at liberty to take all coercive and
consequential steps for recovery of the entire amount without any
concession which he extended to the petitioner due to his
undertaking.
(S. N. Hussain, J.)
Sunil