M/S. TRISHUL AGENCY Vs. STATE BANK OF INDIA AND OTHERS
LAWS(UTN)-2012-2-35
HIGH COURT OF UTTARAKHAND
Decided on February 15,2012

M/S. Trishul Agency Appellant
VERSUS
STATE BANK OF INDIA AND OTHERS Respondents

JUDGEMENT

V.K. Bist, J. - (1.) HEARD learned counsel for the parties.
(2.) THE petitioner, by means of this writ petition, has prayed for a writ, order or direction in the nature of certiorari to quash the order dated 30.9.2010 passed by respondent No. 4/District Magistrate, Nainital. Brief facts giving rise to the present case are that in the year 2007 -08, the petitioner firm took a loan of Rs.5,00,000/ - from the respondent Bank, but on account of some unavoidable circumstances, he could not repay the entire loan amount. On 30.4.2009, respondent No. 2 served a notice upon the petitioner under Section 13(2) of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (Second) Act, 2002 (hereinafter referred to as the Act) asking him to repay the liabilities. Pursuant to said notice, the petitioner deposited a total sum of Rs.1,15,000/ - in parts on different dates. Since the whole amount had yet not been deposited, respondent No. 1 initiated proceedings under Section 14 of the Act against the petitioner and secured orders on 30.9.2010 for physical possession of the mortgaged property. After coming to know about the said proceeding, the proprietor of the petitioner firm immediately secured a copy of the said order. Apart from this, prior to it, the proprietor of the petitioner firm approached the Bank authorities as well in order to accept the balance shown in the bank statement i.e. Rs.2,13,811.76, but the Manager of the respondent Bank did not accept the said amount, rather informed the proprietor of the petitioner firm that the balance in the account is Rs.4,13,632/ -.
(3.) TODAY , learned counsel for the petitioner has submitted that the petitioner firm is ready to deposit the entire amount along with interest in easy equal installments. Learned counsel for the respondent Bank has also submitted that the Bank will have no objection, in case, the entire amount with interest and other charges is deposited in installments, but he submitted that the first installment should be deposited within ten days.;


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