Hon'ble Vinay Kumar Mathur,J.
Heard learned counsel for the petitioner and learned Standing Counsel and Sri D.K. Pathak, learned Counsel for the opposite party No.5.
With the consent of learned counsel for the parties, the writ petition is being disposed of at the admission stage itself.
By means of the instant writ petition, the petitioner prays for quashing the impugned recovery citation dated 2.5.2012 by the opposite party No.4 contained as Annexure No.1 to the writ petition.
Learned Counsel for the petitioner submits that the petitioner had taken a loan for opening the mini rice mill from the opposite party No.5 in the year 2009 and paid certain amount to the opposite party no.5 but on account of financial crisis, the petitioner failed to pay the remaining amount within the stipulated time to the Bank and as such, the revenue authorities have proceeded to initiate recovery proceedings to recover the amount.
Learned counsel for the petitioner submits that the petitioner is ready to pay the outstanding amount in easy installments, to which learned counsel for the opposite parties has no objection.
Keeping in view the commitment of the petitioner, it is provided that in case the petitioner deposits 25% of the outstanding amount within a period of one month from today, the recovery proceedings shall remain in abeyance and no coercive method shall be adopted against the petitioner. It is further provided that the petitioner will deposit the remaining balance of the outstanding dues in twelve equal quarterly installments. The first installment will fall due in August, 2012. The last installment will also carry the interest amount. The installments shall be paid by 5th to 15th of the calendar month. In case of default of the above conditions, the benefit of this order will not be extended to the petitioner and the opposite parties shall be entitled to recover the entire outstanding loan amount in one lump sum.
With these observations and directions, the writ petition is finally disposed of.
Order Date :- 31.5.2012 Ajit/-