Uttarakhand High Court
WPMS/3312/2017 of Hardev Singh Vs Kashipur Urban Cooperative Bank AND ANOTHER on 28 December 2017
3312 of 2017 Hon’ble Manoj K. Tiwari, J. Mr. Vikas Kumar Guglani, Advocate for the petitioner. Mr. Tapan Singh, Brief Holder for the State. Mr. Gopal K. Verma, Advocate for the Bank/respondent. Heard learned counsel for the parties. According to learned counsel for the petitioner,
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WPMS No. 3312 of 2017
Hon’ble Manoj K. Tiwari, J.
Mr. Vikas Kumar Guglani, Advocate for the petitioner.
Mr. Tapan Singh, Brief Holder for the State.
Mr. Gopal K. Verma, Advocate for the Bank/respondent.
Heard learned counsel for the parties.
According to learned counsel for the petitioner, petitioner took Cash Credit Limit of Rs. 50 lacs from Kashipur Urban Co-operative Bank Ltd., Bazpur Road, Avas Vikas Kashipur, District Udham Singh Nagar but due to down fall in his business, he could not pay the loan installment on time, therefore proceedings under Section 13(4) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 were initiated against him.
Thus feeling aggrieved petitioner has approached this Court seeking following reliefs:
“(i) Issue a writ, order or direction in the nature of certiorari quash the possession notice dated 08.12.2017.
(ii) Issue a writ, order or direction in the nature of mandamus directing the respondent no.1 to regularize the account of the petitioner so that petitioner makes the payment in equal monthly installment as this Hon’ble Court may deem it fit and proper.”
Learned counsel for the Bank submits that the outstanding loan amount has now increased to Rs. 61,68,427/-.
Learned counsel for the petitioner submits that petitioner is ready and willing to repay the outstanding amount of loan but some reasonable time may be given to him for the purpose. He further submits that to show his bonafide, petitioner is ready to deposit a substantial amount alongwith his representation. He confines his prayer and submits that concerned Officer in the Bank may be directed to look into the matter and take appropriate decision on petitioner’s request. To this, learned counsel for the respondent no.1-Bank assures that if petitioner approaches the Bank with request for some more time for liquidating the loan, the Bank will sympathetically look into the matter.
Accordingly, the writ petition is disposed of with liberty to the petitioner to approach the Competent Authority in the Bank by making representation within a week from today. If petitioner deposits a sum of Rs. 10 lacs alongwith his representation, the Competent Authority in the Bank shall consider petitioner’s request and pass appropriate order thereupon, in accordance with law, within three weeks thereafter.
Pending application, if any, also stands disposed of.
Let certified copy of this order be supplied to learned counsel for the parties by tomorrow on payment of usual charges.
(Manoj K. Tiwari, J.) 28.12.2017