The petitioner has challenged the recovery/citation dated 29.3.2010 for recovery of a sum of Rs. 5,17,951/.
Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the said amount in easy instalments.
Sri T.S. Rai, learned counsel for respondent no.4 has no objection if the amount is paid at the earliest.
In view of the above, the writ petition is disposed of with the consent of the parties with a direction to the petitioner to make the the payment of aforesaid amount in seven monthly instalments. The first six instalments shall be of Rs. 75,000/. each and the seventh installment shall be of the balance amount. The first installment shall be paid on or before 15th July, 2010.
Till 15th July, 2010 the recovery shall remain stayed and if the installments are deposited regularly it shall further be kept in abeyance.
In case of default in payment of any instalment the stay order shall automatically stand vacated and the respondent-bank shall be free to proceed against the petitioner.
Order Date :- 22.6.2010 R.C.