Sh. Prince Solanki vs Bank of India

Sudhanshu Dhulia, J. (Oral)

The petitioner before this Court had taken a loan from Bank of India, Ramnagar Branch, District Nainital, which he could not repay. Consequently,

recovery proceedings were initiated against the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of

Security Interest Act, 2002.

During the pendency of the writ petition, the petitioner and the respondent bank have come down to some kind of settlement by which the petitioner

has to return the entire outstanding loan amount within the stipulated time.

In view of the above, since a settlement has already been arrived at, let the same be acted accordingly. It is, however, made clear that in case of

default of payment, the bank shall be at liberty to initiate fresh recovery proceedings against the petitioner under the Securitisation and Reconstruction

of Financial Assets and Enforcement of Security Interest Act, 2002.

As per the settlement, the petitioner is liable to give first installment of Rs. 2,00,000/- (Rupees Two Lakh only). In case the petitioner gives the said

amount within the period as stipulated in the settlement, the respondent bank shall consider releasing the property in favour of the petitioner.

With the observations as above, writ petition stands disposed.