IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.12796 of 2010 1. M/S CHOUBEY HEALTH SERVICES(P) LTD. NEAR SHARDA CHITRA MANDIR, VIVEKANAND ROAD, BHAGALPUR THROUGH ITS DIRECTOR RAKESH KUMAR CHOUBEY S/O LATE SURESH KUMAR CHOUBEY R/O TAVANI PRASAD LANE, MANDROJA, BHAGALPUR, P.S. KOTWALI, DISTT.- BHAGALPUR- 812002 2. SMT. SARITA DEVI SHARMA, GUARANTOR/MORTGAGOR W/O SHRI SANTOSH KUMAR, M/S CHOUBEY HEALTH SERVICES PVT. LTD., R/O MOHALLA- MANDROJA, BHAGALPUR, P.S.- KOTWALI, DISTT.- BHAGALPUR-----------------------------------------------------------------PETITIONERS Versus 1. THE STATE BANK OF INDIA THROUGH ITS DEPUTY GENERAL MANAGER MAIN BRANCH, BHOWESH BHAWAN, BEASTON ROAD, CHHOTI KHANJIRPUR, BHAGALPUR 2. THE DEPUTY GENERAL MANAGER, STATE BANK OF INDIA STRESSED ASSETS MANAGEMENT BRANCH, 2ND FLOOR, PATNA MAIN BRANCH BUILDING, GANDHI MAIDAN, PATNA 3. THE ASSISTANT GENERAL MANAGER, STATE BANK OF INDIA STRESSED MANAGEMENT BRANCH, 2ND FLOOR, PATNA MAIN BRANCH BUILDING, GANDHI MAIDAN, PATNA 4. THE ASSISTANT GENERAL MANAGER, STATE BANK OF INDIA MAIN BRANCH, BHOWESH BHAWAN, BEASTON ROAD, CHHOTI KHANJIRPUR, BHAGALPUR 5. THE ASSISTANT GENERAL MANAGER, STATE BANK OF INDIA RASEC SARC, 3RD FLOOR, ANNEX BUILDING, ZONAL OFFICE, KHANJERPUR, BHAGALPUR---------------------------------------------------------------RESPONDENTS ----------- 5. 27.10.2010 The petitioners have approached this Court for quashing the auction notice dated 10.7.2010 published by the authorities of the respondent Bank for recovering the dues of the petitioners against the loan sanctioned and disbursed to the petitioners and interest accrued thereon. In the course of the proceedings an offer was made by the petitioners to the authorities of the Bank to pay a sum of Rs.93,00,000/- by December, 2010. 2 In the supplementary counter affidavit filed on behalf of the respondent Bank it is stated that the loan amount of the petitioner including the interest would come to Rs.109.53 lacs as on 31.12.2010 but in terms of the approval of the competent authorities the Bank is prepared to accept an amount of Rs. 102 lacs to be paid by 31.12.2010. Learned counsel for the petitioners on instructions submits that the petitioners had agreed to pay the sum of Rs.93 lacs by December, 2010 after fully stretching their resources and are not in a position to pay the amount of Rs.102 lacs by 31.12.2010 but are prepared to pay the same by March, 2011 subject to any interest that may become payable on the amount remaining unpaid out of Rs. 102 lacs as on 1.1.2011 till the same is paid. It is also pointed out by learned counsel that the petitioners had already deposited an amount of Rs.22 lacs in the Bank on 5.8.2010 itself but the same has been kept by the Bank in a No Lien Account and thus while the petitioners are not getting benefit of interest on the amount paid, the loan amount is increasing by adding interest charged upon it. 3 In view of the aforesaid stand of the parties, it is directed that the authorities of the respondent Bank shall forthwith adjust the amount of Rs. 22 lacs against the amount of Rs. 102 lacs agreed to be accepted by them by way of compromise. So far as the remaining Rs.80 lacs due are concerned, the petitioners shall pay off the same in instalments, the first instalment of Rs.17 lacs payable on or before 30th November, 2010 and the second, third and fourth instalments of the same amount payable on or before the last day of December, 2010 and January and February, 2011. Any unpaid amount as on 1.1.2011 shall carry interest at the agreed rate until the same is cleared and whatever amount remains unpaid after the first four instalments must be cleared by the petitioners by 31st March, 2011. It shall be open to the petitioners to pay any amount over and above the instalments fixed by this Court if they so desire. The writ application is, accordingly, disposed of in terms of the aforesaid directions. (Ramesh Kumar Datta,J.) Spal/