- (1.) HEARD learned counsel for the petitioner, learned Standing Counsel for the State-respondent no.1 and Sri Sanjai Singh, learned counsel for the Bank-respondent nos.2 and 3. By means of this petition the petitioner has prayed for quashing the notice dated 30.8.2012 issued by the Bank in exercise of power under under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the Act) for taking possession of the mortgaged assets.
(2.) PETITIONER 's case in the writ petition is that the petitioner had taken a loan of Rs. 30,00,000/- in the year 2009 for purchase of a truck. When the petitioner had committed default the bank has initiated proceedings under Section 13(2) of the said Act dated 29.2.2012 for the recovery of an amount of Rs. 27,10,990/- plus interest as on 29th February, 2012. Learned counsel for the petitioner submits that the petitioner accepts the entire liability and is ready to deposit the entire amount along with up to date interest if she is given some reasonable time to make the entire payment. Learned counsel for the Bank submitted that the Bank is interested in realizing its outstanding amount against the petitioner and in case the petitioner makes the payment within the time granted by the Court, the Bank may not proceed against the petitioner. However, liberty be given to the Bank to proceed further against the petitioner under the Act, 2002 in event any default is committed by the petitioner. The Apex Court in United Bank of India Vs. Satyavati Tandon & Ors, 2010 (8) SCC 110 has held that the High Court shall not ordinarily entertain the writ proceedings arising out of the Act, 2002 and the aggrieved parties shall be relegated to avail the remedy as provided under Section 17 of the Act, 2002. There cannot be any dispute to the law as laid down by the Apex Court in the aforesaid case. However, in the present case the petitioner accepts the liability and does not challenge the action of the Bank on merits and has come in the writ petition with a limited prayer to grant sometime to deposit the entire amount.
(3.) CONSIDERING the facts of the present case, we are of the view that ends of justice be served in giving one opportunity to the petitioner to clear of the entire outstanding amount. The writ petition is disposed of with the following directions:- 1. The petitioner shall deposit the entire outstanding amount along with up to date interest in four equal quarterly installment. 2. First installment shall be paid on or before 31st January 2013. On deposit of first instalment the Bank shall provide upto date statement of account to the petitioner after adjusting the amount already paid by her and thereafter the petitioner shall deposit the subsequent instalment within every three months. The petitioner shall deposit the entire amount with the respondent bank, and no recovery charges shall be realized from her. 3. Subject to payment as directed above, no further action under the Act, 2002, shall be taken against the petitioner. In event the petitioner fails to make the payment as directed above, it shall be open for the respondents to proceed against the petitioner further under the Act,2002. ;