MANJU MISHRA Vs. STAE OF U P

JUDGEMENT

(1.) HEARD learned counsel for the petitioner, learned Standing Counsel for the State-respondent no.1 and Sri Sanjai Singh, learned counsel for the Bank-respondent nos.2 and 3. By means of this petition the petitioner has prayed for quashing the notice dated 30.8.2012 issued by the Bank in exercise of power under under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the Act) for taking possession of the mortgaged assets.

(2.) PETITIONER 's case in the writ petition is that the petitioner had taken a loan of Rs. 30,00,000/- in the year 2009 for purchase of a truck. When the petitioner had committed default the bank has initiated proceedings under Section 13(2) of the said Act dated 29.2.2012 for the recovery of an amount of Rs. 27,10,990/- plus interest as on 29th February, 2012. Learned counsel for the petitioner submits that the petitioner accepts the entire liability and is ready to deposit the entire amount along with up to date interest if she is given some reasonable time to make the entire payment.

(3.) CONSIDERING the facts of the present case, we are of the view that ends of justice be served in giving one opportunity to the petitioner to clear of the entire outstanding amount. The writ petition is disposed of with the following directions:-