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abc Normal abc 2 7 2020-11-09T08:58:00Z 2020-11-09T08:58:00Z 2 658 3751 31 8 4401 12.00
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Petitioner has prayed for the following reliefs:
(i) As to why a writ of certiorari should not be issued for quashing/cancelling and or setting aside the notice dated 29.05.2019 U/S 13 (12) of SARFAESI Act demanding Rs.8,76,155.62 (Rupees Eight lakh seventy six thousand one hundred fifty five & sixty two paise) together with further interest.(Annexure-5);
(ii) As to why writ of Mandamus should not be issued directing the respondent not to proceed further to take possession of the secured asset which is only resource of livelihood of the petitioner and her minor daughter;
(iii) As to why a writ of mandamus should not be issued further directing the respondent to allow the petitioner to repay the entire amount of dues to the Bank without further interest from the date of possession notice dated 29.05.2019 by installment of Rs. 8,000/- per month;
AND/OR
(iv) As to why any other writ or direction should not be issued to grant complete and adequate relief to the petitioner and after hearing the parties your lordship may be pleased to make the rule absolute.
AND/OR
(v) In the meantime your lordship may be pleased to stay operation of the notice of the Bank dated 29.05.2019 (Annexure-5) till disposal of the writ petition."
With appreciation, this Court records the efforts put in by Mr. K. N. Bhattacharjee, learned Sr. counsel for the petitioner and Mr. Prabir Saha, learned counsel for the respondents in helping the parties to arrive at an amicable settlement of the dispute.
On 27.08.2019, we had passed the following order:
"Under instructions, Mr. K.N. Bhattacharjee, learned Sr. Counsel assisted by Mr. Pulak Saha, learned counsel, states that petitioner is ready and willing to deposit the entire amount along with updated interest, within a period of one year from today.
In order to establish her credentials, petitioner is ready and willing to deposit ₹1,00,000 (rupees one lakh) within a period of one week and thereafter the remaining amount in equal installments spread over 11(eleven) months. In any event, the entire amount along with interest shall be repaid on or before July, 2020.
Learned counsel for the respondents has no objection to the same.
Petitioner, through counsel, requests the Court to accept the undertaking, which we do hereby accept, further clarifying that violation of such undertaking would tantamount to violating the orders of the Court and initiation of proceedings under the Contempt of Courts Act.
Let an affidavit of the petitioner by way of undertaking be filed before the next date.
List the matter on 03.09.2019.
Copy of this order be supplied to Mr. P. Saha, learned counsel for the respondents-Bank, who undertakes to communicate the order to the bank authorities.
Copy 'dasti'."
Pursuant thereto, the petitioner filed an affidavit undertaking to pay the amount to the respondent-bank in monthly equal installments.
It is not in dispute that the total amount due, as on date, is ₹9,65,164.15. This is after deduction of rupees one lakh which stands paid pursuant to our order referred to (supra). Also, this amount includes the component of interest @14.4%. In fact to clarify the amortization chart indicating the total amount due is reproduced as under:
LOAN DETAILS
Loan Amount : 865164.15
11 E.M.I @ : 84427
Payable every month
Interest Slabs
865164.15 @14.4%
Opening Balance : 865164.15
Sr. No.
E.M.I Amount
Principal
Interest
Balance
1
84427
74045
10382
791119
2
84427
74934
9494
716186
3
84427
75833
8595
640353
4
84427
76743
7685
563611
5
84427
77664
6764
485947
6
84427
78596
5832
407352
7
84427
79539
4889
327813
8
84427
80439
3934
247320
9
84427
81459
2968
165862
10
84427
82437
1991
165862
11
84427
83425
1002
0
Petitioner undertakes to pay the said amount in installments. However, it stands clarified that if the petitioner, were to deposit the amount either in lump sum or by making payments earlier or in excess than what is due every month, the component of interest on the principal shall be reduced proportionately.
Undertaking of the petitioner, who is present in court, is accepted and taken on record.
It stands clarified that petitioner shall be, uninterruptedly and without any hindrance allowed to occupy the property and continue to do business in the manner so desired.
The petition stands disposed of in the aforesaid terms. Pending application, if any, also stands disposed of.