Allahabad High Court
Sarvajit Singh vs State Of U.P. And 3 Others on 3 January, 2023
Author: Manoj Kumar Gupta
Bench: Manoj Kumar Gupta
HIGH COURT OF JUDICATURE AT ALLAHABAD ?Court No. - 21 Case :- WRIT - C No. - 36953 of 2022 Petitioner :- Sarvajit Singh Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Narayan Dutt Shukla,Rituvendra Singh Nagvanshi,Sr. Advocate Counsel for Respondent :- CSC,Anadi Krishna Narayana,Shashi Bhushan Singh Hon'ble Manoj Kumar Gupta,J.
Hon'ble Vikram D. Chauhan,J.
The instant petition has been filed challenging the order dated 22.5.2022 passed by respondent no.3 under Section 14 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for taking over possession of the secured asset.
Learned counsel for the petitioner admits that the petitioner had taken loan and that he had defaulted in payment of the same in terms of the agreement executed between the parties. He, however, submits that the petitioner is ready to deposit the entire amount in installments.
Sri Shashi Busan Singh, learned counsel appearing for the Bank of Baroda (respondent no.4), on instructions, states that the respondent-Bank is ready to accept the money in installments, provided 25 percent of the total remaining amount is deposited before the date fixed for auction, i.e., 24.1.2023 and the remaining amount within next 5 months. He further states that as the Bank has already taken possession of the secured asset and, therefore, the possession will be returned to the petitioner, only after the entire liability is cleared.
Learned counsel for the petitioner agrees to the said proposal.
Accordingly and in view of the agreement between the parties, the instant petition is disposed of as follows:
(a) The petitioner shall deposit 25 percent of the total amount due on or before 24.1.2023.
(b) The remaining amount will be deposited in two installments, i.e., each of two and half month, so that the entire liability is cleared within next five months.
(c) In case, the petitioner makes payment in terms of the above arrangement, the respondent-Bank shall return possession of the secured asset as soon as the entire liability is cleared.
In case of default, the aforesaid arrangement will stand discharged automatically and it shall become open to the respondent-Bank to proceed in the matter in accordance with law.
Order Date:- 3.1.2023 CS/-
(Vikram D. Chauhan,J.) (Manoj Kumar Gupta,J.)