Sukhwant Singh vs Canara Bank, Branch Rudrapur

B.S. Verma, J.—Heard Learned Counsel for the parties and perused the record.

By means of this writ petition, the petitioner has sought a writ in the nature of certiorari quashing the impugned sale notice of petitioner''s property dated 21-05-2010 published by the respondent in Daily Newspaper Amar Ujala (Annexure--2 to the writ petition). The petitioner has also sought a writ in the nature of mandamus directing the respondent Bank to permit the petitioner to deposit 20% of loan amount and further to fix easy instalment for repayment of loan.

According to the petitioner, one Balwinder Singh took a loan from the respondent-bank and the petitioner stood a guarantor of the said loan taken by Balwinder Singh and the petitioner had mortgaged his residential land situated at 25/1 Wakya Mauja, village Rampura (Mallik Colony) Rudrapur, district Udham Singh Nagar. The principal borrower did not repay the loan. Ultimately, the respondent Bank took possession of the property mortgaged by the petitioner. The possession notice dated 18-2-2010 issued by the bank has been annexed as Annexure 1 to the petition. The respondent Bank has published a sale notice on 21-5-2010 in the newspaper Amar Ujala for recovery of Rs. 17,29,565/- vide Annexure-2 to the petition. The petitioner is ready to deposit the entire amount of loan in easy instalments.

During the course of arguments, Learned Counsel for the petitioner has urged that the petitioner is ready and willing to pay the entire outstanding amount under the recovery citation in easy quarterly instalments. On the other hand, Learned Counsel for the respondent-Bank, Mr. Ashish Joshi, Advocate, has submitted that the respondent-Bank would have no objection if the petitioner deposits a sum of Rs. 5,00,000/- (five Lakhs) within a period of two weeks from today and also deposits the rest of the outstanding amount in not more than three equal quarterly instalments before the respondent-Bank.

In the above facts and circumstances, the petitioner is directed to deposit the amount of Rs. 5,00,000/- (Rupees five lakhs) within a period of two weeks from today with the respondent-Bank and the petitioner shall also deposit the rest of the outstanding amount in three equal quarterly instalments with the respondent-Bank. The first quarterly instalment shall be payable by the 31st day of August 2010 and the subsequent instalments shall fall due by the last day of the month after every three months thereafter. It is made clear that in case the petitioner commits default in payment of the instalments, as directed above, the respondent-Bank would be at liberty to recover the entire outstanding amount from the petitioner in lump-sum. Accordingly, the impugned sale notice issued by the respondent-Bank (Annexure-2 to the petition) shall not be given effect to by the respondent-Bank.

With the above direction, the writ petition is disposed of finally.

All pending applications stand disposed of.