Heard Mr. Anil Kumar Mishra, learned Counsel for the petitioner, Mr. Vinay Bhushan, learned Standing Counsel and Mr. Shashank Pathak, holding brief for Mr. D. K. Pathak, learned counsel for Bank of Baroda.
By means of the instant writ petition, the petitioner prays for quashing of the Recovery Citation dated 13.9.2010 issued by the opposite party No.2.
It has been stated in the writ petition that the petitioner had taken a loan of Rs.3,30,000/- for the purpose of agricultural development paid certain sum to the respondent no.3 but on account of the financial crisis, the petitioner failed to pay the remaining amount within the stipulated time to the respondent 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 instalments, to which learned counsel for the respondents 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 six equal quarterly instalments. The first instalment will fall due in July, 2011. The last instalment will also carry the interest amount. The instalments 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 respondent shall be entitled to recover the entire outstanding loan in one lump sum. It is further provided that the Bank shall provide a statement of accounts within one week from the date of presentation of a certified copy of this order.
With these observations and directions, the writ petition is finally disposed of.
Order Date :- 7.3.2011 lakshman