Heard learned counsel for petitioner and Sri Sanjeev Kumar Singh, learned counsel for respondent Bank. By present writ petition, the petitioner has challenged the recovery proceedings initiated against the petitioner. Sri Sanjeev Kumar Singh, learned counsel for respondent Bank on instructions submits that the amount due to be paid by the petitioner as on today is of Rs.64,200/-. Learned counsel for petitioner submits that the petitioner is ready to deposit the entire loan amount with the respondent Bank in easy installments. Learned counsel for respondents have no objection in case the petitioner deposit the loan amount in installments. In view of aforesaid, with the consent of parties counsel, the following order is passed.
The petitioner is permitted to deposit an amount of Rs.10,000/- with the respondent Bank within a period of one month from today and rest amount in eight equal installments within two year. The interest shall be paid with the last installments. The amount, which is already deposited by the petitioner, shall be taken into consideration while fixing the installments. Subject to the said payments, the recovery proceedings initiated against the petitioner shall remain stayed. In case of two consecutive failures of installments, it shall be open for the respondent authorities to initiate recovery proceedings against the petitioner in accordance with law. With the aforesaid, the writ petition is disposed of.
Order Date :- 27.8.2019 Arti/-
(Vivek Chaudhary,J.)