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Rajasthan High Court · body

2011 DIGILAW 1262 (RAJ)

Anurag Bhatnagar v. Rajasthan Financial Corporation

2011-07-01

NARENDRA KUMAR JAIN

body2011
JUDGMENT 1. - Application for early listing of stay application is allowed. 2. With the consent of learned counsel for the parties arguments were heard on the stay application and the same is being disposed off. 3. Learned counsel for the appellant submitted that the respondents are taking possession of unit of the appellant whereas he was always ready to pay the principal as well as interest amount to the respondent, as per scheme introduced by them, but he was not informed about result of his application in time, therefore, he could not deposit the amount. He submitted that now respondents are demanding a huge amount on account of interest, therefore, respondents may be restrained from taking possession of the appellant's unit. 4. Learned counsel for the respondents submitted that the appellant was well informed in time about result of his application after giving benefit in penal interest, but he did not even deposit the said amount in the year 1997 or in 2000. He submitted that out of Rs. 14,40,543/-, principal amount is Rs. 1,87,000/- and rest relates to interest, as the appellant has not paid a single penny after 1997. However, he fairly and frankly submitted that in case this Court inclines to pass any interim order then at least the appellant may be directed to deposit the original amount. 5. Learned counsel for the appellant submitted that the appellant will deposit the original amount of Rs. 1,87,000/-, subject to decision of this appeal. 6. After considering submissions of learned counsel for both the parties, it is directed that respondents shall not take possession of appellant's unit, provided the appellant deposits a sum of Rs. 1,87,000/-(Rupees One Lakh Eighty Seven Thousands Only) within a period of ten days. It is made clear that in case the appellant fails to deposit the above-mentioned amount within aforesaid period, then it will be open for the respondents to take possession of appellant's unit. 7. Stay application stands disposed off. 8. Learned counsel for the respondents submitted that there is likelihood that new scheme will be introduced in the month of July, 2011 and as and when it comes, they will inform to the appellant and the appellant may be directed to apply under the said scheme for settlement of the amount. 7. Stay application stands disposed off. 8. Learned counsel for the respondents submitted that there is likelihood that new scheme will be introduced in the month of July, 2011 and as and when it comes, they will inform to the appellant and the appellant may be directed to apply under the said scheme for settlement of the amount. Learned counsel for the appellant himself submitted that the appellant will apply under the new scheme as and when it is introduced, reserving his legal rights.Application Partly allowed. *******