Hon'ble Sabhajeet Yadav,J.
Heard learned counsel for the petitioners and learned counsel appearing for the respondent Bank.
The contention of the petitioners is that due to some unavoidable circumstances beyond his control, he could not deposit the amount of loan, which he took from the respondent-Bank. Now they are willing to deposit the same provided some easy instalments are fixed by the Court. The learned Standing Counsel appearing for the respondent Bank has no objection if the petitioners are permitted to deposit the amount of loan in instalments fixed by the Court.
Taking into consideration the entire facts and circumstances of the case and the submission made above, the writ petition is finally disposed of with the direction to the petitioner to deposit the entire outstanding amount in six equal quarterly installments. The petitioners shall file an undertaking on affidavit before the concerned Bank to deposit the instalments in time. On the deposit of the first instalment, as directed, the impugned recovery against the petitioner shall remain stayed till next instalment becomes due. If the petitioners go on depositing the next instalments, the operation of the impugned order dated 3.6.2010 shall remain stayed and no coercive steps including attachment of house and sale of the house shall be carried out . In case of default in depositing any of the instalments, the stay order shall stand automatically vacated and the respondents shall be at liberty to realize the entire balance amount in accordance with law. Further, this order will have no effect if the petitioner has earlier been granted an order of payment of loan in instalments by this Court and the petitioners have defaulted in payment of the instalments.
Order Date :- 17.6.2010 VPC