High Court of Judicature at Allahabad
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Ram Kumar Singh v. Punjab National Bank, Regional Office Thru' Its Regional M. - WRIT - C No. 26180 of 2006  RD-AH 9819 (18 May 2006)
Hon. Sanjay Misra,J.
The petitioner was sanctioned housing loan by Punjab National Bank, Branch Izzatnagar district Bareilly in the year 2002. He has defaulted in payment of instalments whereupon proceeding under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 had been initiated by the Bank. Date for auction was fixed but according to learned counsel for the petitioner the auction has not yet been taken place.
The contention of the petitioner as contained in paragraphs 15 and 16 of the writ petition is that the petitioner would be receiving his retiral benefits amounting to Rs.10,18,000/- after 31.7.2006 i.e. the date of his retirement and out of it, the loan amount can be cleared off. It may be mentioned here that the Bank is interested only for the recovery of dues.
Under these circumstances, we dispose of this writ petition with the direction to the petitioner to clear off the outstanding amount of the Bank by 31.8.2006, The proceeding for auction pursuant to the notice dated 16.3.2006 and all the proceedings for the recovery of outstanding amount shall remain stayed till 31.8.2006. In the event of default in payment of outstanding dues of the Bank, it will be open to the respondents to take action against the petitioner for the recovery of the said amount in accordance with law. It is made clear that the court has not adjudicated the claim on merit.
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