GAURI SHANKAR SRIVASTAVA Vs. STATE OF U P

JUDGEMENT

(1.) On an urgency being mentioned by the counsel for the petitioner that the auction is fixed for 28. 12. 2008, permission has been granted and as such, the record of the writ petition which has been filed today in the Registry has been sent to the Court. Notice on behalf of respondent nos. 1 to 3 has been accepted by Chief Standing Counsel whereas on behalf of opposite party no. 4 has been accepted by Mr. Lalit Shukla. Heard learned counsel for the parties. With the consent of learned counsel for the parties, this writ petition is being disposed of at the admission stage. By means of the instant writ petition, the petitioner prays for quashing of the Auction Notice dated 25. 11. 2008 issued by the opposite party No. 3. It has been stated in the writ petition that the petitioner had taken a loan for purchasing Tractor and paid certain sum to the respondent no. 4 but on account of the financial crisis, the petitioner failed to pay the remaining amount within the stipulated time to the respondent and as such, the revenue authorities have proceeded to initiate recovery proceedings to recover the amount. Learned counsel for the petitioner submits that the petitioner is ready to pay 15% of the demanded amount before the auction date and rest of the outstanding amount in easy instalments, to which learned counsel for the respondents has no objection. Keeping in view the commitment of the petitioner, it is provided that in case, the petitioner deposits 15% of the demanded amount by 27. 12. 2008, the auction which has been fixed for 28. 12. 2008 be deferred. On payment of 15% amount, the tractor shall be released in favour of the petitioner. Further, the petitioner deposits 25% of the rest of the outstanding amount by 28. 2. 2009, the recovery proceedings shall remain in abeyance and no coercive method shall be adopted against the petitioner. It is further provided that the petitioner will deposit the remaining balance of the outstanding dues in four equal quarterly instalments. The first instalment will fall due in May, 2009. The last instalment will also carry the interest amount. The instalments shall be paid by 1st to 10th of the calendar month. In case of default of the above conditions, the benefit of this order will not be extended to the petitioner and the respondent shall be entitled to recover the entire outstanding loan in one lump sum. With these observations and directions, the writ petition is finally disposed of. .