Heard Sri Rajeev Kumar Upadhyay, learned counsel for the petitioner, learned standing counsel and Sri Siddharth, learned counsel for the respondent no. 3.
Learned counsel for the petitioner submits that petitioner has taken loan from the respondent bank for agricultural purpose but it could not be deposited as per terms of the agreement due to poor earning from agricultural produce. It is also contended that the petitioner has no other source of income except income derived from agriculture.
Learned counsel for the parties are agreed for final disposal of the writ petition at this stage without exchange of affidavit as the petitioner has not disputed the amount of recovery and is ready to pay the amount in instalments.
After hearing counsel for the parties, the writ petition is disposed of with the following directions.
(i) The petitioner shall approach respondent bank along with certified copy of the order within a period of three weeks' from today and the Bank shall fix eight three monthly equal instalments after deducting the amount which has already been deposited by the petitioner towards the amount due within a further period of one month from the date of receipt of certified copy of the order of this court and intimate the same to the petitioner on the date fixed by the Bank after receipt of the order of this court along with petitioner's application.
(ii) After fixation of instalments by the bank, the first instalment fixed by the Bank as indicated above be deposited by the petitioner on the date fixed by the Bank in the Bank itself and the remaining seven instalments be deposited after expiry of three months on or before the date fixed by the Bank for depositing such instalments in the same Bank.
(iii) In case of default in deposit on the date fixed by the Bank the defaulted amount be deposited on the date fixed for depositing next instalment.
(iv) Even after depositing the amount as indicated above if any amount remains due then that shall be deposited by the petitioner on the date fixed by the bank for depositing the last instalment.
(v) In case of three defaults with respect to the payment as per schedule fixed by the Bank the recovery would stand revive and the respondents may proceed in accordance with law to recover the amount due against the petitioner.
(vi) In case of satisfactory deposit with the Bank as indicated above no recovery charge shall be realised from the petitioner.
Subject to the above observation the writ petition is disposed of.
Order Date :- 21.6.2010 R.C.