(Raj Kumar Sarkar vs The Union Of India & Ors.) on 4 October, 2016

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Calcutta High Court (Appellete Side)

(Raj Kumar Sarkar vs The Union Of India & Ors.) on 4 October, 2016

Bench: Dipankar Datta

                                        1




217   4.10.2016
         jb.
                                        W.P. 15944(W) of 2016
                      (Raj Kumar Sarkar vs. The Union of India & Ors.)

                       Mr. Sankar Nath Mukherjee
                                  .... For the Petitioner
                       Mr. Bhaskar Prasad Vaisya
                       Mr. Shamim Ul Bari
                       Mr. Ratul Biswas
                                  .... For the State
                       Mr. S. C. Srivastava
                                  .... For the Respondent Bank

The date '16th November, 2016' recorded in the order dated 9th September, 2016 shall be corrected by the office to read '16th September, 2016'.

The Bank has agreed to settle the loan account upon receipt of Rs.28 lakh. The petitioner has deposited Rs.16 lakh of late and is willing to pay a further sum of Rs.5 lakh tomorrow. It is also submitted by Mr. Mukherjee, learned counsel for the petitioner that Rs.3,80,000/- deposited by the petitioner with the Bank has not been adjusted with the dues.

If the petitioner wishes to pay Rs.5 lakh by tomorrow, he shall be at liberty to do so. Such payment and acceptance by the Bank shall be without prejudice to the rights and contentions of the parties to this writ petition.

If the petitioner deposits Rs.5 lakh tomorrow, that would amount to payment of 75% of the amount at which the Bank has agreed to close the loan account. Whether or not the petitioner would be liable to pay the balance sum of Rs.7 lakh or any lesser sum would survive for decision on this writ petition. The Bank must, by filing an affidavit, disclose how it arrived at the sum of Rs.28 lakh for the purpose of settling the loan account.

Let affidavit in opposition be filed by two weeks after the vacation; reply thereto, if any be filed by one week thereafter.

Put up the writ petition for hearing on the following working day.

In the event the petitioner makes payment of Rs.5 lakh by tomorrow, within 48 hours of receipt of such payment the Bank shall restore physical possession of the secured asset in favour of the petitioner. It shall, however, continue to remain in symbolic possession thereof. It is made clear that in the event the writ petition ultimately fails, physical possession of the secured asset shall be restored to the Bank by the petitioner, if necessary by an order of Court directing the administration to grant assistance.

Let photostat plain copy of the order duly countersigned by the Assistant Registrar (Court) be given to 3 the parties on the usual undertaking.

(Dipankar Datta, J.)

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Calcutta High Court (Appellete Side)