BISWANATH BANIGRAHY Vs. UCO BANK

JUDGEMENT

(1.) The Judgment-debtor is the petitioner. After obtaining final decree against the petitioner, opposite party No. 1 (plaintiff decree-holder) has levied execution which has been numbered as E.P.No. 30 of 1996. During the trial of the suit, the petitioner, who is the owner of the Truck bearing number O.R.X. 7338 has been appointed as receiver of the truck which has been purchased by the petitioner by obtaining loan from the Bank. As the petitioner could not comply with certain directions, subsequently an Advocate has been appointed as receiver of the truck. During the pendency of the execution case, the present petitioner filed as application under Section 151, Code of Civil Procedure, praying for discharging the Advocate-receiver and to release the truck in favour of the petitioner. The said application having been rejected by order dated 28-9-1996, the present Civil Revision has been filed.

(2.) Essentially the revision is by way of a mercy petition. It is stated at the Bar that by now the liability of the petitioner if calculated according to the decree would be more than Rs. 7 lakhs. However, it is stated by the counsel for the petitioner that an application has been filed before the Bank for waiving a major portion of the interest and the said application is still under consideration before the Bank authorities.

(3.) The learned counsel for the petitioner submits that if the petitioner is allowed to operate the truck as receiver, subject to certain soft conditions, the judgment-debtor may be able to discharge the liability in course of time. The learned counsel appearing for the Bank submits that since the present liability is the excess of Rs. 7 lakhs, it may be impossible on the part of the petitioner to clear up the loan, as further interest would be mounting. Be that as it may, I feel that interest of justice would be amply served if subject to certain conditions, the petitioner is allowed to remain in custody of the truck as a receiver and to clear up the dues in suitable instalments. Having regard to the facts and circumstances of the case, I direct that the truck may be released in favour of the petitioner subject to the petitioner depositing a sum of Rs. 75,000/- in the Bank within two weeks from today and on producing necessary documents showing such deposit before the executing Court, the truck shall be released in his favour within seven days thereafter. The petitioner shall continue to pay the Bank at the rate of Rs. 10,000/- per month starting from March, 1997, for a period of six months. This payment should be made on or before 15th of every succeeding month starting from 15-3-1997. Thereafter the petitioner should go on depositing a sum of Rs. 8,000/- with the Bank every month by 15th of every succeeding month. On default of the petitioner to make payment for any two consecutive months, it would be open to the Bank to proceed with execution and the arrangement made by this order shall cease to have any effect. It is made clear that the petitioner shall remain in custody of the truck only as receiver. Needless to point out that the petitioner cannot sell the truck and if there is any attempt either to sell or secrete away the truck, that would amount to contempt of the order of this Court.The present order passed by this Court will not stand in the way of the Bank in disposing of the application of the petitioner for waiving interest and such application of the petitioner should be considered sympathetically by the Bank without being bugged (bogged) down by the terms of the decree.Subject to the aforesaid observation, this Civil Revision is disposed of. There will be no order as to costs.Application allowed.