Heard learned counsel for the petitioner, learned Standing Counsel and Sri C.B.Gupta learned counsel appearing for the respondent no. 3.
Learned counsel for the petitioner submits that petitioner has taken loan from the respondent bank for agricultural purpose but it could not be deposited as per terms of the agreement due to poor earning from agricultural produce. It is also contended that the petitioner has no other source of income except income derived from agriculture.
Learned counsel for the parties are agreed for final disposal of the writ petition at this stage without exchange of affidavit as the petitioner has not disputed the amount of recovery and is ready to pay the amount in installments.
After hearing counsel for the parties, the writ petition is disposed of with the following directions:-
(i) The recovery proceeding initiated against the petitioner shall remain stayed subject to satisfaction of the following conditions:-
(a) The petitioner shall approach respondent bank along with certified copy of the order within a period of three weeks' from today and the Bank shall fix eight three monthly equal installments after adjusting the amount which has already been deposited by the petitioner towards the amount due within a further period of one month from the date of receipt of certified copy of the order of this Court and intimate the same to the petitioner within a week thereafter.
(b) After fixation of installments by the bank, the respective installments be deposited by the petitioner on the date fixed by the Bank.
(c) In case of default in deposit on the date fixed by the Bank the defaulted amount be deposited on the date fixed for depositing next installment.
(d) Even after depositing the amount as indicated above if any amount remains due then that shall be deposited by the petitioner on the date fixed by the bank for depositing the last installment.
(e) In case of three defaults with respect to the payment as per schedule fixed by the Bank the recovery would stand revive and the respondents may proceed in accordance with law to recover the amount due against the petitioner.
(f) In case of satisfactory deposit with the Bank as indicated above no recovery charge shall be realised from the petitioner.
Subject to the above observation the writ petition is disposed of.
Order Date :- 22.6.2010 Manoj