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Uttarakhand High Court · body

2017 DIGILAW 114 (UTT)

Sah Traders v. Canara Bank

2017-02-21

V.K.BIST

body2017
JUDGMENT : V.K. Bist, J. Heard learned counsel for the parties. 2. Present writ petition has been filed by the petitioners seeking following reliefs:- “i. Issue a writ, in the nature of certiorari quashing e-auction published in Dainik Jagran paper publication dated 06.02.2017 issued by authorized officer, Canara Bank (contained as annexure no.3 to this writ petition) so far it relates to petitioners and impugned notice dated 19.09.2016 under section 13(2) (contained as Annexure No.2 to this writ petition). ii. Issue a writ, order or direction in the nature of Mandamus declaring the proceeding initiated under the SARFAESI Act, 2002 against the petitioners as null and void or, Alternatively the respondent Bank be directed to fix the outstanding amount against the petitioners in easy installments as directed by this Hon’ble Court ”. 3. Brief facts of the case, as narrated in the writ petition, are that petitioner no. 1 took a loan of Rs. 18,00,000/- from the respondent Bank, but he could not pay due installments in time. Due to non-deposit of installment in time, the recovery citation dated 19.09.2016 has been issued against the petitioners for the recovery of Rs. 18,73,809/-. Hence, this writ petition. 4. Learned counsel for the petitioners submitted that due to bad financial condition of the petitioners, the petitioners could not repay the amount. Now, the petitioners are ready to deposit the loan amount in installments. He submitted that the petitioners will deposit the first quarterly installment on or before 31st March 2017. He further requested that since the petitioners are not able to deposit the entire amount in one time, they may be permitted to deposit the remaining loan amount in six equal quarterly installments. He also submitted that the petitioners will also deposit the interest and other charges. 5. Mr. Ashish Joshi, learned counsel appearing for the respondent Bank submitted that the respondent Bank does not have any objection, in case, petitioners give an undertaking that they will deposit the first quarterly installment on or before 31.03.2017 and the remaining loan amount alongwith interest and other charges in five equal quarterly installments. 6. 5. Mr. Ashish Joshi, learned counsel appearing for the respondent Bank submitted that the respondent Bank does not have any objection, in case, petitioners give an undertaking that they will deposit the first quarterly installment on or before 31.03.2017 and the remaining loan amount alongwith interest and other charges in five equal quarterly installments. 6. In view of the submission made by learned counsel for the parties and in the interest of justice, it is directed that the respondent Bank will inform the petitioners, in writing, within a period of fifteen days from today about the amount to be paid by the petitioners in six equal quarterly installments. Thereafter, the petitioners will deposit the first quarterly installment with the respondent bank on or before 31.03.2017. Thereafter, the remaining five equal quartely installments, to be informed by the Bank, shall be paid by them on or before last working day of every quarter respectively. In case the loan amount alongwith interest and other charges is paid within the stipulated period, the impugned citation dated 19.09.2016 shall stand quashed. 7. In case of any default, this order shall stand recalled automatically. 8. The writ petition is, accordingly, disposed of. 9. There will be no order as to costs.