Heard Sri Sanjay Kumar, learned counsel for the petitioner and Sri Manoj Nigam, learned counsel for the respondent Bank.
The petitioner availed the facility of loan from the respondent-bank and admittedly, there was a default. The respondent bank issued a recovery citation of Rs.335000/- against the petitioner.
Sri Sanjay Kumar, learned counsel for the petitioner submits that he had taken an agricultural loan. The petitioner is a farmer. The petitioner defaulted in payment of the loan installments due to adverse agricultural cycle which caused financial distress to him. Learned counsel for the petitioner contends that he does not intend to contest the proceedings on merit and he is ready and willing to liquidate the entire outstanding liability provided he is permitted to do so in instalments.
Sri Manoj Nigam, learned counsel for the respondent-Bank does not have any serious objection to the aforesaid submission. He, however, submits that the petitioner should prove his bonafide and ability to pay by depositing some amount within 15 days.
Before proceeding to consider the prayer granting instalment, the petitioner is an under obligation to establish his bona-fide that not only he is ready but also in a position to clear off the entire dues.
In view of the submissions made by learned counsel at the Bar, the recovery proceedings against the petitioner shall remain stayed subject to the following conditions:
1. The petitioner shall deposit a sum of Rs. 35000/- within a period of 20 days from today before the respondent Bank. Rest of the amount shall be deposited in six equal three monthly instalments.
2. The first instalment amounting to Rs. 50,000/- shall be deposited by the petitioner on 1st May, 2021. Second instalment amounting to Rs. 50,000/- shall be deposited by the petitioner on 1st August, 2021. Third instalment amount to Rs. 50,000/- shall be deposited by the petitioner on 1st November, 2021 Fourth instalment amount to Rs. 50,000/- shall be deposited by the petitioner on 1st February, 2022. Fifth instalment amount to Rs. 50,000/- shall be deposited by the petitioner on 1st May, 2022 and the last instalment amounting to Rs. 50,000/- shall be deposited by the petitioner on 1st August, 2022.
3. Before the last instalment i.e. 1st August, 2022, the respondent Bank shall issue a chart indicating up to date accrued interest payable by the petitioner.
4. The amount of interest, amount thus so provided to the petitioner by the Bank, shall be deposited by the petitioner along with the last instalment of Rs. 50,000/- on 1st August, 2022.
The recovery proceedings against the petitioner shall remain stayed provided the above mentioned directions are complied with by the petitioner.
It is made it clear that in case violation of above directions or in the event of default in payment of any of the instalments as directed aforesaid this order shall stand automatically vacated and the respondent Bank will be at liberty to initiate recovery proceedings in accordance with law.
It is further provided that in case the entire amount is deposited in the manner aforesaid, the recovery charges against the petitioner shall be dropped.
The writ petition is disposed of.
Order Date :- 17.2.2021 Dhananjai