Chandrika Prasad vs Punjab National Bank, Through Its ...
2022 Latest Caselaw 1884 Patna

Citation : 2022 Latest Caselaw 1884 Patna
Judgement Date : 24 March, 2022

Patna High Court

Chandrika Prasad vs Punjab National Bank, Through Its ... on 24 March, 2022

     IN THE HIGH COURT OF JUDICATURE AT PATNA
               Civil Writ Jurisdiction Case No.2445 of 2022
======================================================

Chandrika Prasad Son of Late Jagdeep Prasad, Proprietor of M/s Savitri Furniture, Resident of Sundari Enclave, Block - B 102, Dhirachak, Patna, P.S.

- Gardanibagh, District - Patna (Bihar)

... ... Petitioner/s Versus Punjab National Bank, through its Chief Manager Cum the Authorized Officer, Patna New Market Branch, Frazer Road, Patna.

... ... Respondent/s ====================================================== Appearance :

For the Petitioner/s : Mr. Vitesh Kumar Singh, Advocate Mr. Chandra Moleshwar, Advocate For the Respondent/s : Mr. Kumar Priya Ranjan, Advocate ====================================================== CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE S. KUMAR ORAL JUDGMENT (Per: HONOURABLE THE CHIEF JUSTICE)

Date : 24-03-2022

Heard learned counsel for the parties.

Petitioner has prayed for the following relief(s):- Patna High Court CWJC No.2445 of 2022 dt.24-03-2022

We are entertaining the present petition in view of

the fact that at this point in time, the Debt Recovery Tribunal is

not functional on account of non-appointment of Presiding

Officer.

Learned counsel for the petitioner states that

petitioner is ready and willing to deposit the entire loan amount

as also bear the expense incurred by the respondent bank with

respect to the property in question which stands auction sold

pursuant to sale notice dated 21.01.2022. Also, the petitioner is

ready and willing to submit a proposal to the respondent Bank

for (a) Re-determining the amount due and payable by the

petitioner to the respondent Bank; (b) waiver of component of

interest/penalty in terms of the policy of the Bank as also the

guidelines issued by Reserve Bank of India and (c) fixing the

schedule for repayment of the amount due and payable.

Additionally, to show his bona fides, petitioner Patna High Court CWJC No.2445 of 2022 dt.24-03-2022

undertakes to deposit a sum of of ₹20 lacs (twenty lacs only)

with the respondent Bank within a period of one week from

today.

As such, we dispose of the present petition on the

following mutually agreeable terms:-

(a) Petitioner shall positively deposit a sum of

₹20,00,000/- (twenty lacs) with the respondent Bank within a

period of one week from today;

(b) Petitioner shall make himself available in the

office of the respondent Bank on 4th of April, 2022 at 10:30

A.M. with a proposal, complete in all aspect, for-(i) re-

determining the amount due and payable by the petitioner to the

respondent Bank; (ii) seeking waiver of interest/penalty on the

principal amount due and payable in terms of the policy of the

Bank as also the guidelines issued by the Reserve Bank of India;

request within a period of eight weeks thereafter;

(d) Such decision has to be in accordance with law;

the guidelines issued by the Reserve Bank of India and

maintaining parity;

(e) Until the decision is taken, status quo as on date be

maintained;

Patna High Court CWJC No.2445 of 2022 dt.24-03-2022

(f) If the petitioner fails to deposit a sum of Rs.

Twenty lacs, as undertaken by him or repay the amount in terms

of the schedule fixed by the Bank on mutually agreeable terms,

or deposit the expense incurred by the respondent bank with

respect to the property in question which stands auction sold, it

shall be open for the Bank to take recourse to the remedies in

accordance with law, including handing over possession of the

property in question to the auction purchaser.