Heard Mr. P.K. Tripathi, learned counsel for the petitioner, learned Standing counsel for opposite parties 1 and 2 as well as Ms. Anuradha Singh, learned Advocate holding brief of Mr. Anurag Srivastava, learned counsel for the opposite party no. 3.
Being aggrieved with the recovery citation, whereby he has been asked to repay Rs. 5,00000/-, the petitioner has preferred the present writ petition with the submission that he is ready to pay the amount of loan, but in installments as due to financial constraints he is not in a position to deposit the whole amount of loan in lump sum.
Considering the facts and circumstances of the case, I stay the recovery proceedings initiated against the petitioner and permit the petitioner to deposit the balance amount in eight nstallments, the first installment would be paid by the petitioner within three months and thereafter each and every installment shall be paid after the gap of three months. On payment of last installment, the bank concerned provide the statement of account regarding the balance amount, which shall be paid by the petitioner within next three months. After deposit of first installment, the amount as provided here-in-above, in case the petitioner's tractor has been attached in the recovery proceedings, the same shall be released forthwith. In case the petitioner has made certain payments, and the adjustment of which has not been made in the amount demanded, it will be open to the petitioner to give proof of the same to the Bank and if such a proof is given, the Bank shall adjust the said amount.
In case the petitioner commits any default in complying with any of the aforesaid conditions, the benefit of this order would not be available to the petitioner and it will be open to the opposite parties to realize the entire amount due in accordance with law.
With the above directions, the writ petition is disposed of finally.
Order Date :- 25.11.2010/Amit