Hon'ble Vishnu Chandra Gupta,J.
Sri S.M. Royekwar, learned advocate put in appearance on behalf of respondent no. 1 by filing his Vaklatnama, the same is taken on record.
Through the instant writ petition, the petitioner has challenged the recovery certificate dated 1.8.2013 whereby the petitioner has been asked to pay the dues amounting to Rs.7,40,937/-.
The petitioner took a commercial loan for opening tent house under' Mukhya Mantri Gramoddyog Rojgar Yojna', but it appears that he could not run business and therefore, he also failed to re pay the loan properly. In default of making repayment of the loan, the Bank has issued recovery certificate as aforesaid. Admittedly, the petitioner's business has been closed. Therefore, due to financial constraints he is not in a position to repay the loan in terms of schedule provided by the Bank and seek sliberty of this Court to permit him to deposit the amount as shown in the recovery certificate within certain period.
Considering the fact and circumstances of the case, we hereby give liberty to the petitioner to deposit the amount as shown in the recovery certificate within one and half years in six instalments, the first of which shall be deposited within three months from today and rest of the five instalments shall be deposited in five equal quarterly instalments. On deposit of the first instalment, the recovery proceeding in pursuance of the recovery certificate shall remain stayed. Thus, the whole dues shall be cleared by him within one and half years without any fault. After deposition of all but the last instalment, the Bank shall furnish complete statement of accounts to the petitioner including the interest accrued thereon, which shall be paid by the petitioner along with last instalment. In case the petitioner has made certain payments and the adjustment of which has not been made in the amount demanded, it will be open to the petitioner to give proof of the same to the Bank and if such a proof is given, the Bank shall adjust the said amount.
In case the petitioner commits default in repayment of any of the instalments as above, the respondents shall be at liberty to recover the whole amount of recovery certificate as arrears of land recovery.
With the above directions, the writ petition is disposed of finally.
Order Date :- 6.2.2014 Tripathi