The petitioner has challenged the recovery certificate dated 28.5.2010 for recovery of a sum of Rs.3,53,124.22 as dues of agricultural loan.
Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the said amount in easy instalments.
Sri A.C.Tiwari, learned counsel for respondent no.1 has no objection if the amount is paid at the earliest.
In view of above, the writ petition is disposed of with the direction to the petitioner to make the payment of aforesaid amount in four equal quarterly instalments payable on or before 7th July, 2010, 7th October, 2010, 7th January, 2011 and 7th April, 2011, respectively.
On payment of first instalment the recovery proceedings against the petitioner shall remain stayed.
In case of default in payment of any instalment the stay order shall automatically stand vacated and the respondent-bank shall be free to proceed against the petitioner.
Order Date :- 21.6.2010 BK