Heard learned counsel for the petitioner and Shri Shailendra Verma, holding brief of Shri Sharad Tewari, learned counsel for the Bank and the learned Standing Counsel for opposite parties no. 1 and 2.
Learned counsel for the petitioner submitted that the petitioner had taken loan for the purchase of tractor but soon after taking the loan, he had been convicted in a criminal case and was sent to jail from where he has been released in the last month and due to that circumstance, the loan amount could not be deposited and the Bank has issued citation for the recovery of Rs. 4,14,851/- besides interest and collection charges. It has also been submitted that the petitioner intends to repay the loan amount for which easy installments may be fixed and presently the petitioner is ready to pay 1/4th of the amount of citation within two months from today.
Considering the above circumstances and without entering into the merit of the case, it is directed that if the petitioner deposits 1/4th amount of the citation besides interest due thereon within two months from today and further deposits remaining amount in six quarterly installments with the Bank, the execution of the citation of recovery shall remain stayed. However, in case of default of payment of any of the installments, the Bank shall be at liberty to recover the remaining amount due in one lump sum.
With the above observation, the writ petition is finally disposed of.
Order Date :- 24.6.2010 Rizvi