Pabitra M.Sahu vs A.O.,Branch Manager,
2014 Latest Caselaw 29 Del

Citation : 2014 Latest Caselaw 29 Del
Judgement Date : 2 January, 2014

Delhi High Court

Pabitra M.Sahu vs A.O.,Branch Manager, on 2 January, 2014

Author: Adarsh Kumar Goel(Cj)

W.P.(C) No. 28038 of 2013

Present : Mr D. Mohanty, Advocate for the petitioner.

02. 02.01.2014 This petition seeks direction against initiation of
coercive measure by the Bank for recovery of loan under the
provisions of the SARFAESI Act, 2002.
Learned counsel for the petitioner submits that the
petitioner is willing to repay the loan subject to decision of his
application to the Bank for grant of time and extending benefit
under the One Time Settlement Scheme, if applicable. Learned
counsel further states that the petitioner is willing to pay a sum
of Rs.2,50,000/- (rupees two lakh fifty thousand) within two
months from today along with the proposal for repayment for
consideration of the Bank.
Without expressing any opinion on merits, we direct
that if the petitioner makes deposit as aforesaid and files an
application for consideration of the Bank, the Bank may take
decision thereon in accordance with law within one month and,
till such decision is taken, the Bank may not take coercive
measures.
The petition is disposed of.
It is made clear that if the petitioner defaults in
making the deposit, this petition will be treated to have been
dismissed. It is further made clear that if the Bank is aggrieved
by this order, it will be at liberty to move this Court.

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A.K.Goel, C.J.

pcp

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Dr. A.K. Rath, J.