LAWS(UTN)-2021-12-100

HEMANT SINGH SANGA Vs. DISTRICT MAGISTRATE, NAINITAL

Decided On December 17, 2021
Hemant Singh Sanga Appellant
V/S
DISTRICT MAGISTRATE, NAINITAL Respondents

JUDGEMENT

(1.) Petitioner took a housing loan in the year 2016 amounting to Rs.22,00,000.00 from Kurmanchal Nagar Sahkari Bank Ltd., Branch Bhowali, District Nainital. Since he defaulted in repayment of the loan, therefore, respondent-Bank has initiated proceedings against him for recovery of the outstanding amount. Thus, feeling aggrieved, petitioner has approached this Court.

(2.) Learned counsel for the petitioner submits that petitioner is ready and willing to liquidate the loan, however, all he needs is some reasonable time so that petitioner may arrange funds.

(3.) Learned counsel for the respondent-Bank submits that total outstanding as on 16/12/2021 is more than Rs.23,00,000.00. He, however, assures the Court that if petitioner makes a representation for re-payment of loan in installments, the same shall be considered by the Competent Authority, provided petitioner deposits some upfront amount to show his bonafide.