Yogendra Singh v. State of U.P. and 3 Others

Court No. - 3 Case :- WRIT - C No. - 37909 of 2023 Petitioner :- Yogendra Singh Respondent :- State Of U.P. And 3 Others Counsel for Petitioner :- Abhay Singh Counsel for Respondent :- C.S.C.,Pranjal Mehrotra Hon'ble Siddhartha Varma,J. Hon'ble Manoj Bajaj,J.

¶1Heard Sri Abhay Singh, learned counsel for the petitioner, learned Standing Counsel and Sri Pranjal Mehrotra, learned counsel appearing for the Bank.

¶2By means of the present writ petition, the petitioner has prayed for quashing impugned order dated 18.07.2023 passed by respondent no.2 in case no.1221 of 2023 "Competent Authority, Aadhar Housing and Finance Ltd. Vs. Yogendra Singh", u/s 14 of the Securitization and Reconstruction of Financial Assets And Securities Act, 2002 issued and the Demand notice dated 18.07.2022 u/s 13(2) of the Act by respondent no.5.

¶3Learned counsel for the petitioner submits that a loan was taken by the petitioner. He had also mortgaged a property bearing Khasra No.281 Part of Khasra No.281 Pipra Milak Pargna Sirauli Teh Meerganj, district Bareilly, U.P. Learned counsel has further pointed out that when certain payments of the loan installments were not made, the creditor Bank initiated proceedings of recovery under the SARFAESI Act by issuing notice dated 18.07.2022 under the SARFAESI Act and demanded a sum of Rs. 12,50,391-alongwith interest and other charges. Learned counsel has drawn the attention of the Court to the impugned notice dated 18.07.2022 and asserted that the Bank has taken symbolic possession of the mortgaged property and would be strongly taking further steps to recover the dues by auctioning the mortgaged property.

¶4At the very outset learned counsel for the petitioner has proposed to deposit 25% of the outstanding amount within a period of one month from today, with an undertaking that the remaining amount shall be paid in next three equal monthly installments.

¶5Learned counsel for the Bank does not dispute the fact that pursuant to the recovery proceedings including the impugned notice dated 18.07.2022 no auction proceedings have been fixed. He, however, states that the Bank has no objection if the borrower is willing to clear the debt by paying 25% of the outstanding amount within a period of one month from today and remaining amount

in

next

three

equal

monthly

installments.

¶6In view of the above stand of the learned counsel for the parties, at this stage, without looking into the merits of the case, we deem it appropriate to afford an opportunity to the borrower to clear the debt by paying 25% of the outstanding amount within a period of one month from today, and the remaining amount in next three equal monthly installments. The outstanding debt be directed to be paid with up-to-date interest.

¶7Needless to say that when the last installment is paid by the petitioner, the bank shall inform the petitioner the interest amount which would have accrued by the last date of payment and it shall be paid along with the last installment.

¶8We clarify that, if, the amount as has been promised by the petitioner is not deposited as per the undertaking then the Bank shall be free to recover the debt pursuant to the impugned notice.

¶9With these observations the writ petition is disposed of. Order Date :- 2.11.2023 Raj High Court of Judicature at Allahabad