Court No. - 29
Case :- WRIT - C No. - 30475 of 2019 Petitioner :- Mohd. Adil Respondent :- State Of U.P. And Another Counsel for Petitioner :- Surendra Prasad Mishra Counsel for Respondent :- C.S.C.,Abhishek Mishra
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
Heard learned counsel for the petitioner and Sri Abhishek Mishra, learned counsel for Syndicate Bank.
Under challenge in this petition is the recovery citation dated 06.11.2018 for recovering a sum of Rs.9,39,000/- plus interest as the outstanding loan amount.
Learned counsel for the petitioner without disputing the correctness of the aforesaid amount submits that he is ready and willing to deposit the entire amount provided some reasonable time is allowed and if possible installments are fixed.
Sri Mishra appearing for the bank is also eager to receive the entire amount instead of prolonging the proceedings in the recovery.
Accordingly, we dispose off the writ petition with the direction to the petitioner to deposit a sum of Rs.1,39,000/- within a period of one month and the balance amount of Rs.8 lacs in four installments of Rs.2 lacs each payable in the months of December, 2019, February, 2020, April, 2020 and June, 2020. Last installment will include the additional amount i.e. interest which may have accrued on the aforesaid amount from 06.11.2018 till the date of payment. Any amount which the petitioner may have deposited after 06.11.2018 shall be given adjustment.
In the event of default of any installment, the benefit of this order would come to an end.
Order Date :- 26.9.2019 S.Sharma