BHAGWAN DEEN AND OTHERRS versus STATE OF U.P. AND OTHERS

High Court of Judicature at Allahabad

Indian Supreme Court Cases / Judgements / Legislation

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Bhagwan Deen And Otherrs v. State Of U.P. And Others - WRIT - C No. 4052 of 2007 [2007] RD-AH 5193 (23 March 2007)

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HIGH COURT OF JUDICATURE OF ALLAHABAD

WP.No.4052 of 2007

Hon. S.N.Srivastava, J.

Connect this writ petition with other appeals namely, W.P. Nos. 4758 of 2007 and 4177 of 2007.

Sri Yashwant Verma appearing for Reserve Bank of India argued that the loan advanced upto Rs. 2 lac is governed by the guidelines of the Reserve Bank of India and for loans over and above Rs. 2 lacs, rates and other terms and conditions are determined by the individual Bank. He produced before me relevant rules relating to credit control by the R.B.I. and also the interest rate of advance. From other materials produced before me it is eloquent that 50% of the agricultural sector is governed by regional Rural banks. So far as other issues framed in different writ petitions copies of which have already been served to Sri Yashwant Verma as well as other counsel for Banks are concerned, as prayed three weeks time is granted to file complete details on relevant points and they will also file relevant rules, regulations and circulars if any in this regard. Counsel for the Bank will file copies of the agreement, which may be the basis of loan between the parties, and they will also furnish detailed reply on the questions framed by this Court in the matter of advancing loan in agricultural sector.

The learned counsel for the Banks are granted further time to file counter affidavit within two weeks. Rejoinder affidavit if any may be filed within one week. List this matter on 18.4.2007.

In case petitioner deposits Rs. 10,000/- with the Bank within two weeks, the tractor seized by the Bank shall be released forthwith.

Let a copy of this order be supplied to learned counsels for the Banks on payment of usual charges.  

M.H.

23.3.2007

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