Hon'ble Bharati Sapru,J.
The petitioner took loan from the respondent no.1-Prathma Bank for business purposes.
Shri Sanjeev Singh, learned counsel for the respondent No. 1, on the basis of instructions received by him, states that the loan was given for business purpose under State Sponsored Scheme.
The petitioner committed default in payment of the said loan. Consequently, the recovery proceedings have been initiated against the petitioner. Recovery Citation dated 2-4-2011 (Annexure 4 to the Writ Petition) has been issued in this regard.
As per the Recovery Citation, an amount of Rs. 4,18,840/- plus other charges is due from the petitioner.
We have heard Shri Rajesh Yadav, learned counsel appearing for the petitioner, Sri Sanjeev Singh, learned counsel for the respondent no.1-Prathma Bank and the learned Standing Counsel appearing for the respondent no.2.
Shri Rajesh Yadav, learned counsel appearing for the petitioner states that the petitioner is ready to pay the entire amount due from him together with up-to-date interest if time to deposit the same in instalments is granted.
Shri Sanjeev Singh, learned counsel appearing for the respondent no.1 and the learned Standing Counsel appearing for the respondent no. 2 have no objection to the aforesaid prayer made on behalf of the petitioner.
In the circumstances, the present Writ Petition is disposed of finally with the following directions:
(i) The petitioner may deposit the entire amount sought to be recovered directly with the contesting respondent no.1-Bank in twelve equal instalments, as mentioned hereunder, with up-to-date interest.
(ii) The first instalment may be deposited by 15-06.2011, and thereafter, the remaining amount may be deposited in eleven equal monthly instalments payable on first working day of each succeeding month starting with effect from July, 2011. Any amount already deposited will be adjusted.
(iii) This order will not affect any auction or sale which may already have taken place.
(iv) If the petitioner deposits the instalments with up-to-date interest, as fixed by this Court, in time, the recovery shall be kept in abeyance but if the petitioner commits default in paying any of the instalment, this order shall stand vacated and the respondents will be at liberty to proceed against the petitioner in accordance with law.
(v) On deposit of all the instalments with up-to-date interest, as fixed by this Court, in time, and also 50% of the recovery charges, the recovery proceedings against the petitioner shall be dropped.
(vi) This order will not be applicable if the petitioner has filed any earlier writ petition challenging the recovery of this loan.
Dt.31-5-2011 AK