M/S Well and Good Yarn Product Pvt. Limited v. State of U.P. and 2 Others

Court No. - 3 Case :- WRIT - C No. - 42721 of 2023 Petitioner :- M/S Well And Good Yarn Product Pvt. Limited Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Amit Kumar Singh Counsel for Respondent :- CSC,Satish Chaturvedi Hon'ble Siddhartha Varma,J. Hon'ble Shekhar B. Saraf,J.

¶1Heard learned counsel for the petitioner, learned Standing Counsel and Sri Parsuram Chaubey, learned counsel appearing for the Bank.

¶2It is stated that the petitioner had taken loan but the same could not be repaid as per the terms of the agreement. The Bank has issued letter dated 18.9.2023 demanding a sum of Rs.52,28,890/- and other expenses from the petitioner. This writ petition has been filed with the averment that petitioner is ready and willing to deposit the amount, in case he is permitted to do so in easy installments.

¶3Sri Parsuram Chaubey, learned counsel for the Bank states that the Bank is ready to accept the amount as no auction has taken place.

¶4Having regard to the fact that the petitioner has offered to pay the entire amount due against him and the Bank has agreed to accept the amount, in our view, ends of justice require that the petitioner be granted an opportunity to deposit the entire outstanding amount due against him in the following manner:-

(i) Petitioner shall deposit 25% of the amount sought to be recovered within a period of three weeks from today with the respondent Bank.

(ii) In case the amount, as indicated above, is deposited by the period prescribed, the respondent Bank shall provide a fresh schedule for re-payment of balance amount, after adjusting the amount already deposited. That amount shall thereafter be deposited in six equal installments within a period of six months. Statement of account shall also be furnished to the petitioner.

(iii) No recovery charges shall be taken from the petitioner by the respondent authorities.

(iv) Till the period prescribed for depositing the aforesaid amount and thereafter during the period of deposit of installments, the recovery proceedings will be kept in abeyance. In case the petitioner defaults in depositing the initial amount or thereafter installments within the stipulated period, it will be open for the respondents to start recovery proceedings against the petitioner.

¶5With the aforesaid observations/directions, the writ petition stands disposed of. No order as to costs. Order Date :- 11.12.2023 Rakesh (Shekhar B. Saraf, J.) (Siddhartha Varma, J.) High Court of Judicature at Allahabad