M/S Sandeep Jewelers Thru. Proprietor Shri Sandeep Kumar Singh and Another v. Punjab National Bank Thru. Authorized Officer/Chief Manager Recovery Centre , Sitapur and Another

Court No. - 3 Case :- WRIT - C No. - 8679 of 2023 Petitioner :- M/S Sandeep Jewelers Thru. Proprietor Shri Sandeep Kumar Singh And Another Respondent :- Punjab National Bank Thru. Authorized Officer/Chief Manager Recovery Centre , Sitapur And Another Counsel for Petitioner :- Anuj Dayal Counsel for Respondent :- Anoop Kumar Misra Hon'ble Vivek Chaudhary,J. Hon'ble Manish Kumar,J. Heard learned counsel for the petitioner Sri Anuj Dayal and Sri Anoop Kumar Misra, learned counsel for the respondents/Bank. Petitioners have approached this Court for quashing of the sale notice dated 18.09.2023 issued under the SARFAESI Act. With the consent of parties' counsel, the following order is being passed:- Petitioners will deposit an amount of 25% of the total claimed amount, which is Rs.13,01,031/- before 19th October, 2023 and will move an application for O.T.S. and thereafter also deposit another 25% within three months of 19th October, 2023 i.e. by

19.01.2024. The remaining amount as per the O.T.S. Scheme will be deposited by the petitioners as per the settlement with the Bank under the O.T.S. Scheme. In case of failure to any of the deposit by the petitioner or failing to file an application for O.T.S., the benefit of this order will not be available to the petitioners. With the aforesaid consenting order, the writ petition stands disposed of. (Manish Kumar, J.) (Vivek Chaudhary, J.) Order Date :- 10.10.2023 Arjun/- High Court of Judicature at Allahabad, Lucknow Bench