Heard learned counsel for the petitioner and Sri Shailendra Kumar Singh on behalf of the respondent Bank.
Petitioner has taken loan for agricultural purpose from the respondent Bank. He has committed default in payment of the same.
This writ petition has been filed against the recovery proceedings initiated for realization of the bank dues. Counsel for the petitioner submits that he is ready and willing to deposit the entire amount due, provided he is granted some reasonable time for deposit of money.
Counsel for the respondent Bank agrees to deposit of the money in instalments to be fixed by this Court.
In view of the aforesaid, it is provided as follows:
a. The petitioner shall deposit one fourth of the total amount demanded on or before 31.07.2010.
b. Within one week of the said deposit of money, petitioner shall make an application before the Bank for furnishing the statement of account up to date, along with certified copy of this order.
c. The Branch Manager shall furnish a complete statement of account within two weeks thereafter.
d. Petitioner shall deposit the balance outstanding amount shown in the statement of account in three equal installments of three months each, commencing from 30.10.2010.
e. On deposit of the first installment, the tractor of the petitioner may be released. Proceedings of the auction shall remain in abeyance initially for a period of one month so as to enable the petitioner to deposit the 25% of the amount as indicated above and if the said condition is complied with and further deposits are made as indicated above, property of the petitoner shall be released. In case of default, authorities will proceed with the auction.
In case of default in compliance of any of the conditions mentioned above, the petitioner shall not be entitled to the benefits of this order and it shall be open to the respondent Bank to recover the balance amount in accordance with law. If the deposits are made in terms of this order by the petitioner, he shall not be liable to pay any recovery charges.
With the aforesaid observations, the writ petition is disposed of.
Order Date :- 25.6.2010 yachna