Heard learned counsel for the petitioner, Sri Tarun Varma, learned counsel appearing for respondent No. 3 and learned Standing Counsel for respondent Nos. 1 & 2.
With the consent of learned counsel for the parties, the writ petition is being finally disposed of.
By this writ petition, the petitioner has prayed for quashing impugned recovery certificate dated 23.8.2013 for Rs. 6,08,634/- plus other charges. The petitioner had taken loan of Rs. 4,95,000/- in the year 2011. Due to defaults being committed by the petitioner, recovery has been initiated.
Learned counsel for the petitioner submits that in response to the recovery of Rs.7,30,000/- in the year 2014 the petitioner had deposited Rs.3,42,100/- on different dates from 25.1.2014 to 2.7.2014 and he is ready to deposit the balance amount within the time fixed by this Court.
Learned counsel appearing for the bank states that the bank is interested in realizing the entire amount alongwith interest. If the petitioner deposits the amount within the time allowed by this Court, no further action shall be taken against the petitioner by the bank.
On the facts and circumstances of the case and in the interest of justice, I dispose of this writ petition with the following directions:
1) The petitioner shall deposit an amount of Rs. 1,50,000/- by 20.11.2014. On depositing the aforesaid amount, the bank shall provide a statement of account within two weeks from the date of deposit after adjusting the amount, if any, already deposited by the petitioner. The outstanding amount shall be deposited by the petitioner in eight quarterly installments.
2) First installment be paid on or before 20.3.2015 and thereafter within every three months. The amount shall be deposited by the petitioner in the bank. If the entire amount is deposited by the petitioner as directed above, no recovery charge shall be realized from the petitioner. In case of default in any of the conditions as mentioned above, the present order shall stand automatically vacated and recovery proceedings shall revive.
With the aforesaid direction, the writ petition is disposed of.
Order Date :- 31.10.2014 RKP