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Ms Abha Industries vs State Of Uttarakhand & Another

Uttarakhand High Court · Decided on 6 April 2026 · Citation: (2026) 04 UK CK 0389

HON’BLE JUDGES
Pankaj Purohit, J
ACTS & SECTIONS REFERRED
Securitisation And Reconstruction Of Financial Assets And Enforcement Of Security Interest Act, 2002 — Section 14
RESULT
Disposed Of
CASE NUMBER
Writ Petition Miscellaneous Single No. 769 Of 2026
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Judgment

13 paragraphs · 339 words

Pankaj Purohit, J

1.

This writ petition has been filed by the petitioner- Borrower for quashing the letter/notice dated 12.03.2026 issued by respondent no.2 pursuant to the order passed by District Magistrate, under Section 14 of the SARFAESI Act, 2002 (annexure-7 to the writ petition).

2.

It is contended by learned counsel for the respondent no.2-Bank that the possession of the secured asset has already handed over to the respondent no.2-Bank on 25.03.2026.

3.

So far as prayer no.(i) is concerned, the same has rendered infructuous as letter/notice dated 12.03.2026 has already been acted upon.

4.

Now, petitioner has showed his willingness to make payment of the outstanding amount i.e. Rs.27,76,956/- to respondent no.-2 Bank, if some time is granted to the petitioner to deposit the same.

5.

At this, learned counsel for respondent no.2-Bank fairly submitted that there is a One Time Settlement Scheme with the Bank, in which, borrower is required to deposit 25% of the outstanding amount immediately and rest of amount in three months.

6.

In view of the aforesaid submission made by learned counsel for the parties, this Court is inclined to give some time to the petitioner to make the payment of the outstanding amount to the respondent no.2-Bank in easy installments, in the following terms as under:-

A. Petitioner shall deposit 25% of the outstanding amount (₹27,76,956/-) i.e.₹6,94,239/- within ten days from today i.e. on or before 16.04.2026.

B. The rest of the amount i.e.₹20,82,717/- shall be paid by the petitioner in four equal installments of ₹5,20,679.25/- within six months from 16.04.2026.

C. The next installment shall be paid by the petitioner on or before 31.05.2026. The subsequent installments shall be paid on or before 15.07.2026, 29.08.2026, and 16.10.2026, respectively.

D. The last-sixth installment shall carry the entire balance including interest, if any.

E. If the petitioner fails to deposit any of the installments, as directed hereinabove, the respondent no.2-Bank shall be at liberty to proceed, in accordance with law.

7.

With the aforesaid observations, the writ petition stands disposed of accordingly.