Veena Pathak vs Managing Director/ Chairman Union Bank Of India And Another

Court No. - 29

Case :- WRIT - C No. - 26888 of 2019 Petitioner :- Veena Pathak Respondent :- Managing Director/ Chairman Union Bank Of India And Another Counsel for Petitioner :- Vivek Prakash Mishra Counsel for Respondent :- Ashish Agrawal

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

This petition has been taken up out of turn on the request being made that the matter is very urgent and that the petitioner is seriously ill and that the respondents have visited the property so as to take its possession and to auction it.

Heard Sri Vivek Prakash Mishra, learned counsel for the petitioner and Sri Ashish Agrawal, learned counsel for the Union of India.

The petitioner is aggrieved by the demand notice dated 30.07.2019 issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the SARFAESI Act) calling upon the petitioner to pay a sum of Rs.19,36,801.70 together with interest failing which possession of the secured asset would be taken.

Learned counsel for the petitioner submits that without disputing anything not even the amount sought to be recovered, the petitioner is ready and willing to make the payment of the entire amount provided some reasonable time is allowed and instalments are fixed as the petitioner is presently seriously ill and is in hospital.

Sri Ashish Agarwal, learned counsel for the bank has no objection if the petitioner pays the entire amount within reasonable time as may be fixed by the court.

In view of the aforesaid facts and circumstances, we dispose off this writ petition with the direction to the petitioner to deposit a sum of Rs.4,36,801.70 within a month from today and the amount of Rs.15,00,000/- in three equalinstalments of Rs.5,00,000/- each payable in the month of November, 2019, January, 2020 and March, 2019. The last instalment shall include the interest and the misc. expenses that may accrue on the aforesaid amount.

In the event of default in payment of any of the instalment the benefit of this order would come to an end automatically and it will be open for the respondents to proceed with the recovery in accordance with law.

The Writ Petition is disposed off.

Order Date :- 13.8.2019 piyush