Heard learned counsel for the petitioner, learned Standing Counsel for the State and Sri S.K.Srivastava, learned counsel for the respondent-bank.
It is stated by learned counsel for the petitioner that the petitioner has taken loan for a sum of Rs. 2,00,000/- from the respondent-bank but due to adverse situation the petitioner could not deposit some installments. On 25.01.2010 the respondent no.4 issued a recovery citation of Rs. 2,40,710/- plus others against the petitioner.
The petitioner is ready to deposit the same in easy installments. Therefore, the petitioner is permitted to deposit the loan amount in 08 equal quarterly installments. The first installment shall be paid by the petitioner within a period of three months from today. Rest of installments shall be paid at an interval of three months. In case the petitioner deposits the first installment within stipulated time, the recovery proceeding pending against him shall be suspended. No collection charges shall be realized from the petitioner.
It is made clear that in case of default in payment of any of the installments as aforesaid, this order shall stand automatically vacated and the respondent bank will be at liberty to realize the entire amount in accordance with law.
With the aforesaid observation and direction, writ petition stands disposed of finally.
Order Date :- 17.6.2010 S.Ali