Heard learned counsel for the parties.
The petitioner prays for a direction to allow him to deposit the amount of Rs.3,85,697.50 i.e. dues of the Respondents-Aryavrat Bank, in easy installments.
Shri Lalit Shukla, who appears for the Respondents-Aryavrat Bank, says that the Bank has no objection, if the petitioner deposits the amount of Rs.3,85,697.50 alongwith upto date interest thereon, at the earliest.
This petition is finally disposed of with a direction to the petitioner to deposit Rs.50,000/- (Rupees Fifty Thousand only) within a period of one month from today before the Bank. On the deposition of Rs.50,000/- as first installment, the Bank shall issue a statement of account to the petitioner and the petitioner shall thereafter deposit the rest of the amount in eight equal quarterly installments. Recovery proceedings during the aforesaid period shall be kept in abeyance. In case, the petitioner fails to deposit Rs.50,000/- as aforesaid within the time prescribed and or fails to deposit the amount of installments in due time, as aforesaid, the Bank shall be free to proceed against the petitioner for recovery of entire amount, in accordance with law.
Order Date :- 30.8.2019 Arun/-