The petitioner has taken a loan for agricultural purpose from the respondent in the year 2009.The petitioner has not been able to repay the amount of loan. The petitioner is now willing and prepared to pay the entire amount in some easy instalments.
We have heard learned counsel for the petitioner as well as Sri Ajit Kumar Chaturvedi Advocate representing the respondent.
Sri Ajit Kumar Chaturvedi appearing for respondent , states that the bank has no objection if the entire amount is paid in five equal instalments out of which first instalment may be made payable on or before 30th September, 2014 and the rest four instalments may be paid quarterly along with up to date interest.
In view of the willingness shown by the petitioner and not objected to by the counsel for the bank, the Court as a last opportunity direct the petitioner to deposit the entire outstanding amount along with up to date interest in four equal instalments out of which first instalment shall be payable on or before 30.9.2014 and the rest four instalments shall be payable on or before 31.12.2014, 31.3.2015, 30.6.2015 and 30.9.2015. The recovery proceedings pursuant to the recovery notice dated 10.5.2014 filed as Annexure 1 to the writ petition shall initially remain stayed upto 30.9.2014 and if the petitioner deposits the first instalment, in that event, the recovery proceedings shall remain stayed for a further period of three months and so on in order to enable the petitioner to deposit the remaining instalments.
In the event of default in depositing any of the instalments, the interim protection granted by this Court shall stand automatically discharged and the authorities will be at liberty to proceed in accordance with law. On deposit of the entire amount as per the recovery citation dated 10.5.2014 the same shall stand withdrawn. The petitioner shall deposit the amount outstanding with the bank. The amount already deposited shall be adjusted in the last instalment.
The writ petition stands disposed of.
Order Date :- 14.7.2014 mt