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High CourtsDivision Bench(2010) 04 AHC CK 0107

Devendra Kumar Kesharwani vs State Bank of India and Others

Allahabad High Court · Decided on 23 April 2010

HON’BLE JUDGES
Uma Nath Singh, J · Satish Chandra, J

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Judgment

8 paragraphs · 359 words
1.

Notice on behalf of respondents No. 2 and 3 has been accepted by the learned Chief Standing Counsel, whereas on behalf of the opposite-party No. 1 has been accepted by Sri Sudeep Seth.

2.

Heard learned Counsel for the parties.

3.

With the consent of learned Counsel for the parties, this writ petition is being disposed of at the admission stage.

4.

By means of the instant writ petition, the petitioner prays for quashing of the Recovery Citation dated 16.4.2010 issued by opposite-party No. 3.

5.

It has been stated in the writ petition that the petitioner had taken a loan of Rs. 87,500/- for the purposes of extension of the shop and the petitioner has also paid Rs. 8,500/- towards the loan but despite that, the opposite-parties have issued the recovery citation and the revenue authorities have proceeded to initiate recovery proceedings to recover the amount.

6.

Learned Counsel for the petitioner further submits that the petitioner is ready to pay the outstanding amount in easy instalments, to which learned Counsel for the Bank has no objection.

7.

Keeping in view the commitment of the petitioner, it is provided that in case the petitioner deposits 25% of the outstanding amount within a period of one month from today, the recovery proceedings shall remain in abeyance and no coercive measure shall be adopted against the petitioner. It is further provided that the petitioner will deposit the remaining balance of the outstanding dues in three equal quarterly instalments. The first instalment shall fall due in June, 2010. The last instalment shall carry the interest amount. The instalments shall be paid by 5th to 15th of the calendar month. In case of default of the above conditions, the benefit of this order will not be extended to the petitioner and the respondents shall be entitled to recover the entire outstanding loan in lump sum. It is further directed that the respondent No. 1 will furnish statement of accounts to the petitioner within a week from the date a certified copy of this order is produced before it.

8.

With these observations and directions, the writ petition is finally disposed of.