Heard learned counsel for the petitioner. Notice on behalf of the respondents No.1 and 2 has been accepted by the office of the Chief Standing Counsel. Shri Sharad Tewari, Advocate has accepted notice on behalf of the respondent No.3 - Bank.
The Court has heard learned counsel for the parties through video conferencing.
By means of the instant petition, the petitioner seeking quashing of the recovery citation dated 15.03.2021, which has been issued by the respondent-bank in respect of recovery of a sum of Rs.5,11,411/- plus interest and other dues.
The submission of the learned counsel is that the petitioner had taken an agriculture loan of Rs.1,00,000/- in the year 2013, however, on account of natural calamity and other unforeseen circumstances, he could not service the aforesaid loan and now the aforesaid amount has swelled to Rs.5,11,411.
Learned counsel for the petitioner has also been submitted that the petitioner is ready to pay the entire outstanding amount, but on account of poverty, the full amount cannot be paid in one stroke and if some indulgence for paying the aforesaid amount is granted, the petitioner shall be able to liquidate his liability.
Shri Sharad Tewari, learned counsel for the respondent-bank on the basis of the instructions informs that the bank is only interested in the outstanding dues and in case if the petitioner is ready to deposit the same in installments, the bank has no objection.
Considering the facts and circumstances as well as willingness of the petitioner to deposit the entire outstanding dues in installments and the acceptance of the respondents-bank, this Court is of the opinion that ends of justice can be served by directing the the petitioner to deposit a sum of Rs.1,25,000/- within a period of six weeks from today. In case, if the aforesaid sum is deposited within the aforesaid period and the remaining shall be payable in eight equal quarterly installment commencing from 01.08.2021. The bank shall also issue the statement to the petitioner to enable him to ascertain the outstanding sum along with interest. The last installment shall cover upto date interest. In case the petitioner deposits the first installment within the aforesaid period and continues to deposit the remaining installments in terms of this order, then no coercive action shall be taken against the petitioner. However, in case of any default, the bank shall be at liberty to proceed against the petitioner for recovery of the outstanding due in accordance with law.
With the aforesaid, the petition is disposed of.
Order Date :- 8.4.2021 Rakesh/-