Chandrika Prasad v. Punjab National Bank, Through Its Chief Manager Cum The Authorized Officer,

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):-

2/4 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

3/4 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) redetermining 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; (c) The Bank shall take a decision on the petitioner's 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;

4/4 (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. Petition stands disposed of in the aforesaid terms. Interlocutory Application(s), if any, stands disposed of.

(Sanjay Karol, CJ) (S. Kumar, J) P.K.P./Amrendra AFR/NAFR CAV DATE Uploading Date 28.03.2022 Transmission Date