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Judgment
19 paragraphs · 334 wordsManoj Kumar Tiwari, J
Petitioner is a borrower, who took a loan from Prathma, Uttar Pradesh Gramin Bank, Branch Narpatnagar, District Rampur. Since petitioner
defaulted in re-payment of the loan, recovery proceedings were initiated against him. Feeling aggrieved by the coercive steps taken by the Competent
Authority, petitioner has approached this Court.
Learned counsel for the petitioner submits that total outstanding amount, as on 10.06.2019, was ` 54,72,341/- and petitioner is ready & willing to
liquidate the loan; but, some reasonable time be given to him for the purpose.
After arguing for a while, learned counsel for the petitioner submits that petitioner be permitted to make a representation to Competent Authority in
the respondent-Bank for providing him sometime for repayment of the loan. He further submits that petitioner shall deposit 25% of the outstanding
amount with his representation to show his bona fide.
In view of the eagerness shown by the petitioner to re-pay the loan, the writ petition is disposed of with the following directions:
(i) Petitioner shall approach the bank authorities by making representation within ten days from today. Alongwith his representation, petitioner shall
deposit 25% of the outstanding amount as on 30.06.2021.
(ii) If petitioner makes such representation within the stipulated period alongwith 25% of the outstanding amount as on 30.06.2021 to show his bona
fide, then the Competent Authority in the Bank shall consider petitioner’s representation and take appropriate decision, in accordance with law,
within a period of two weeks thereafter.
(iii) Till decision is taken on petitioner’s representation, no third party interest shall be created over the assets belonging to the petitioner. However,
it is made clear that if petitioner does not make representation within stipulated period or fails to deposit 25% of the outstanding amount as on
30.06.2021, then he shall not be entitled to protection of this order and respondent/Bank will be free to proceed against him, in accordance with law.
Let a certified copy of this order be issued today itself.