Hon'ble Rajesh Chandra,J.
The petitioner took Term Loan as well as Cash Credit Facility from the respondent no.4-State Bank of India for installing SSI Unit.
The petitioner defaulted in respect of the aforesaid Loan and Facility. Consequently, recovery proceedings have been initiated against the petitioner. Recovery Citation dated 26.2.2011 has been issued in this regard. Copy of the Citation dated 26.2.2011 has been filed as Annexure 6 to the Writ Petition. As per the said Citation, an amount of Rs. 5,02,836/- plus other charges is due from the petitioner.
Counter Affidavit has been filed today on behalf of the respondent no.4-State Bank of India.
Shri Alok Kumar Srivastava, learned counsel for the petitioner states that the petitioner does not propose to file any Rejoinder Affidavit.
As per the averments made in paragraph 3 of the said Counter Affidavit, the said loan was given under the State Sponsored Scheme, and accordingly, the Recovery Certificate dated 24.2.2011 (Annexure CA-3 to the Counter Affidavit) was sent by the respondent no.4-Bank to the Collector, District Deoria (respondent no.2).
We have heard Shri Alok Kumar Srivastava, learned counsel appearing for the petitioner, Shri A.K. Mishra, learned counsel for the respondent no.4-Bank and the learned Standing Counsel appearing for the respondent nos. 1, 2 and 3.
Shri Alok Kumar Srivastava, learned counsel appearing for the petitioner states that the petitioner is ready to pay the entire amount due from him together with up-to-date interest if time to deposit the same in instalments is granted.
Shri A.K. Mishra, learned counsel appearing for the respondent no.4-Bank and the learned Standing Counsel appearing for the respondent nos. 1, 2 and 3 have no objection to the aforesaid prayer made on behalf of the petitioner.
In the circumstances, the present Writ Petition is disposed of finally with the following directions:
(i) The petitioner may deposit the entire amount sought to be recovered directly with the contesting respondent no.4-Bank in twelve equal monthly instalments, as mentioned hereunder, with up-to-date interest.
(ii) The first instalment may be deposited by 1.4.2011 and thereafter the remaining amount may be deposited in eleven monthly instalments payable on first working day of each succeeding month starting with effect from May 2011. Any amount already deposited will be adjusted.
(iii) This order will not affect any auction or sale which may already have taken place.
(iv) If the petitioner deposits the instalments with up-to-date interest, as fixed by this Court, in time, the recovery shall be kept in abeyance but if the petitioner commits default in paying any of the instalment, this order shall stand vacated and the respondents will be at liberty to proceed against the petitioner in accordance with law.
(v) On deposit of all the instalments with up-to-date interest, as fixed by this Court, in time, and also 50% of the recovery charges, the recovery proceedings against the petitioner shall be dropped.
(vi) This order will not be applicable if the petitioner has filed any earlier writ petition challenging the recovery of this loan.
Order Date :- 15.3.2011 Ajeet