Heard Shri N.C. Upadhyaya, learned counsel for the petitioner and Shri Vijai Krishna for the Bank.
The petitioner is aggrieved with the recovery certificate whereby an amount as due has been shown as Rs.8,08,910/- along with charges. The petitioner is ready to deposit the same but in instalments to which learned counsel for the Bank has no objection.
Considering the facts and circumstances of the case, I hereby stay the recovery proceedings initiated against the petitioner, provided the petitioner deposits the whole amount in ten equal quarterly instalments,the first of which shall be deposited within three months from today and rest of the amount shall be deposited in nine equal quarterly instalments. The second instalment shall become due on 9th November, 2012 and accordingly the petitioner shall continue to deposit the rest of the installments with up to date interest with the Bank. In case the petitioner has made certain payments and the adjustment of which has not been made in the amount demanded, it will be open to the petitioner to give proof of the same to the Bank and if such a proof is given, the Bank shall adjust the said amount.
Since no further action is to be taken by the Recovery Officer from the stage of issuance of recovery citation, he shall not be entitled to charge any recovery fee.
In case the petitioner commits any default in complying with any of the aforesaid conditions, the benefit of this order would not be available to the petitioner and it will be open to the opposite parties to realize the entire amount due in accordance with law.
With the above directions, the writ petition is disposed of finally.
Order Date :- 9.5.2012 Tripathi