Bairagi Das Gupta vs State Of U P And Others

Court No. - 29

Case :- WRIT - C No. - 25018 of 2019 Petitioner :- Bairagi Das Gupta Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Ashok Kumar Rai Counsel for Respondent :- C.S.C.,Gyan Prakash Shrivastava

Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.

Heard learned counsel for the petitioner and Sri G.P. Srivastava, learned counsel appearing for Central Bank of India.

The petitioner has been served with a notice dated 15th July, 2019 under Section 13(4) of the SARFAESI Act so as to realize a sum of Rs. 9,24,616/-.

Learned counsel for the petitioner submits that petitioner is ready and willing to pay the entire amount provided some reasonable time is allowed and installments are fixed.

Sri G.P. Srivastava, learned counsel for the Central Bank of India possibly has no objection to the same as the bank wants to avoid the litigation and get the payment.

In view of Section 13(8) of the SARFAESI Act, we consider it appropriate to dispose off the petition with the direction to the petitioner to deposit Rs.1,24,616/- within a period of one month and the balance amount of Rs. 8 lacs may be paid by him in four equal installments of Rs. 2 lac each payable in the months of October, 2019, December, 2019, February, 2020 and April, 2020. The last installment will include any interest or other miscellaneous amount that may have accrued on the aforesaid outstanding amount in the meantime.

In the event of default in the payment of any of the installments, the benefit of this order shall come to an end automatically.

The writ petition is disposed off accordingly.

Order Date :- 13.8.2019 Sattyarth