Annpurna Cold Storage & Ice Factory vs Union Bank Of India

Manoj Kumar Tiwari, J

According to the petitioner, he obtained a term loan of Rs. 1,55,00,000/- from Union Bank of India, Branch Rudrapur for establishing a small scale industrial unit, namely, Annpurna Cold Storage & Ice Cream Factory. He also took a Cash Credit Limit of Rs. 1,00,00,000/- from the same bank.

Since petitioner committed some default in repayment of loans, therefore, proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were initiated against him for recovery of the outstanding amount.

In paragraph no. 10 of the writ petition, it has been pleaded that petitioner has paid a sum of Rs. 2,20,00,000/- to the bank in the month of February, 2021 as against the total outstanding amount of Rs. 2,62,46,055/-.

Learned counsel for the petitioner submits that now total outstanding against the petitioner is reduced to about Rs. 43,00,000/-, which petitioner undertakes to repay as early as possible.

By means of this Writ Petition, petitioner has sought following relief:

"(A) issue a writ, order or direction in the nature of Mandamus directing the Respondent Bank to Fix the instalment of the Balance amount of the Loan and Release the Balance Mortgage property of Petitioner."

Mr. Vikas Kumar Guglani, learned counsel appearing for respondent-bank submits that if petitioner deposits a sum of Rs. 10,00,000/- with the bank, within three weeks from today, then his request for repayment of the remaining amount in instalments, may be considered by the bank.

In such view of the matter, Writ Petition is disposed of with liberty to the petitioner to approach the Competent Authority in the bank, by making a representation. If such representation is made within three weeks from today along with cash deposit of Rs. 10,00,000/-, the Competent Authority shall consider petitioner's request for payment of the remaining amount, in instalments.