Vinay Singh Bisht vs District Magistrate, Pauri Garhwal & others

SUDHANSHU DHULIA, J. (ORAL)

The present writ petition was disposed of by this Court vide judgment and order dated 25.04.2018 by passing the following order:-

“The petitioner had admittedly taken a loan from the respondent Bank, which he could not repay. Consequently, the account of the petitioner

was declared as “Non Performing Assets†(in short “NPAâ€) and later the bank proceeded under the provisions of the Securitisation and

Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (from hereinafter referred to as the “Actâ€) for recovery of its

loan amount. By now, the physical possession of the mortgaged property has already been taken by the respondent bank. Aggrieved, the petitioner has

filed the present writ petition before this Court.

Learned counsel for the petitioner has given a statement that if the petitioner is allowed a reasonable time to repay the loan, he is willing to repay

the entire outstanding loan amount. According to the bank, the entire outstanding loan of the petitioner as of now is Rs.21,67,448/- (Rupees Twenty

One Lakhs Sixty Seven Thousand Four Hundred Forty Eight Only) and the Bank is willing to take the amount in easy installments.

With the consent of all the parties, the matter stands disposed with the following directions:-

In case the petitioner deposits an amount of Rs.3,00,000/- (Rupees Three Lakhs Only) with the bank within a period of fifteen days i.e. on or before

10.05.2018, the respondent-bank would then recover the remaining amount from the petitioner in twelve equal monthly installments spreading over a

period of one year or as fixed by the settlement between the parties. It is made clear that recovery shall not include recovery charges.

It is directed that the last installment shall also carry cumulative interest. It is further made clear that in default of any single payment of installment,

the Bank shall be at liberty to initiate fresh process for recovery.

It is made clear that when the petitioner deposits an amount of Rs.3,00,000/-(Rupees Three Lakhs Only) with the respondent Bank, the Bank shall

immediately hand over the possession of the mortgaged property to the petitioner.â€​

Now a recall application (MCC No.638 of 2018) has been filed by respondent no. 3 praying that the order dated 25.04.2018 be recalled.

Heard learned counsel for the parties.

Learned counsel for the respondent-bank has given a statement that in case the petitioner shows his bona fide and deposits an amount of

Rs.5,00,000/- (Rupees Five Lakh Only) with the respondent-bank within a period of one week i.e. on or before 26.07.2018, the respondent-bank is

prepared to recover the remaining amount from the petitioner in easy installments.

In view of this, let the petitioner deposit an amount of Rs.5,00,000/- (Rupees Five Lakh Only) with the respondent-bank within a period of one week

i.e. on or before 26.07.2018. In case the aforesaid amount is deposited by the petitioner, the respondent-bank shall recover the remaining amount from

the petitioner in eighteen equal monthly installments spreading over a period of one and a half year. It is made clear that in case the petitioner deposits

the aforesaid amount, the respondent-bank shall consider releasing the mortgaged property of the petitioner. It is further made clear that in default of

any single payment of installment, the Bank shall be at liberty to initiate fresh process for recovery.

In view of the above, the order dated 25.04.2018 stands modified to the above extent. The recall application stands disposed accordingly.