M/S Maa Vaishno Constructions , Bahraich Thru. Its Prop. Mr. Pankaj Kumar Singh v. Authorized Officer , Indian Bank , Branch Digiha , Bahraich and Another

Court No. - 3 Case :- WRIT - C No. - 10797 of 2023 Petitioner :- M/S Maa Vaishno Constructions , Bahraich Thru. Its Prop. Mr. Pankaj Kumar Singh Respondent :- Authorized Officer , Indian Bank , Branch Digiha , Bahraich And Another Counsel for Petitioner :- Shiv Pal Singh,Ambrish Kumar Counsel for Respondent :- Vinay Shankar Hon'ble Vivek Chaudhary,J. Hon'ble Manish Kumar,J.

¶1By present writ petition, the petitioner has challenged the demand notice dated 16.11.2023, by which an amount of Rs.57,98,828.74/- is sought to be recovered from the petitioner.

¶2Learned counsel for petitioner submits that the petitioner is ready and willing to deposit the entire loan amount with the respondent Bank in easy installments.

¶3Learned counsel for respondents have no objection in case the petitioner deposit the loan amount in installments.

¶4In view of aforesaid, with the consent of parties counsel, the following order is passed:-

¶5The petitioner is permitted to deposit an amount of Rs.15,00,000/- with the respondent Bank within a month from today and rest amount in four equal installments within a year. The interest shall be paid with the last installments.

¶6The amount, which is already deposited by the petitioner, shall be taken into consideration while fixing the installments. Subject to the said payments, the demand notice dated

16.11.2023 shall remain stayed.

¶7In case of failure in payment of first installment within two months or two consecutive failures of installments, it shall be open for the respondent authorities to initiate recovery proceedings against the petitioner in accordance with law.

¶8With the aforesaid, the writ petition is disposed of. . [Manish Kumar, J.] [Vivek Chaudhary, J.] Order Date :- 13.12.2023 -Amit K-High Court of Judicature at Allahabad, Lucknow Bench