PRINCE SOLANKI Vs. BANK OF INDIA

JUDGEMENT

(1.) The petitioner before this Court had taken a loan from Bank of India, Ramnagar Branch, District Nainital, which he could not repay. Consequently, recovery proceedings were initiated against the petitioner under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) During the pendency of the writ petition, the petitioner and the respondent bank have come down to some kind of settlement by which the petitioner has to return the entire outstanding loan amount within the stipulated time.

(3.) In view of the above, since a settlement has already been arrived at, let the same be acted accordingly. It is, however, made clear that in case of default of payment, the bank shall be at liberty to initiate fresh recovery proceedings against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.