Court No. - 18
Case :- WRIT - C No. - 33751 of 2018 Petitioner :- Nandrani And Another Respondent :- State Of U P And 3 Others Counsel for Petitioner :- Rajeev Kumar Sharma Counsel for Respondent :- C.S.C.,Krishna Mohan Asthana
Hon'ble Mahesh Chandra Tripathi,J.
Learned counsel for the petitioner is permitted to carry out necessary correction in the writ petition.
Heard learned counsel for the petitioner, Sri Krishna Mohan Asthana, learned counsel appearing for the respondent bank and learned Standing Counsel for the State respondents.
By this writ petition, the petitioner has prayed for quashing impugned recovery citation dated 14.08.2018 for Rs.5,47,975/- plus other charges.
The petitioner had taken a loan of Rs.4,50,000/- from the respondent bank in the year 2016 for the purpose of purchase of Tractor. Due to default being committed by the petitioner, recovery has been initiated.
Learned counsel for the petitioner submits that the petitioner is ready to deposit the entire amount within the time fixed by this Court.
Learned counsel appearing for the bank states that the bank is interested in realizing the entire amount alongwith interest. If the petitioner deposits the amount within the time allowed by this Court, no further action shall be taken against the petitioner by the bank.
On the facts and circumstances of the case and in the interest of justice, I dispose of this writ petition with the following directions:
1) The petitioner shall deposit an amount of Rs.1,00,000/- by 11.12.2018. On depositing the aforesaid amount, the bank shall provide a statement of account within two weeks from the date of deposit after adjusting the amount, if any, already deposited by the petitioner. The outstanding amount shall be deposited by the petitioner in six quarterly installments.
2) First installment be paid on or before 11.03.2019 and thereafter within every three months. The amount shall be deposited by the petitioner in the bank. If the entire amount is deposited by the petitioner as directed above, no recovery charge shall be realized from the petitioner. In case of default in any of the conditions as mentioned above, the present order shall stand automatically vacated and recovery proceedings shall revive.
Order Date :- 11.10.2018 A. Pandey