Heard learned counsel for the petitioner, learned Standing Counsel, appearing for respondents No. 1 to 3 and Shri Ram Mohan Pandey, holding brief of Shri Tarun Varma, learned counsel appearing for respondent Bank. Learned counsel for the petitioner submits that petitioner had taken loan from the respondent Bank for agricultural purpose, but it could not be deposited as per terms of the agreement.
Learned counsel for the parties are agreed for final disposal of the writ petition at this stage without exchange of affidavits as the petitioner has not disputed the amount of recovery and is ready to pay the amount in instalments.
After hearing the learned counsel for the parties, the writ petition is disposed of with the following directions.
(i) The recovery proceeding initiated against the petitioner shall remain stayed subject to satisfaction of the following conditions:-
(a) The petitioner shall approach respondent Bank along with certified copy of the order within a period of three weeks from today and the Bank shall fix eight three-monthly equal instalments after adjusting the amount which has already been deposited by the petitioner towards the amount due within a further period of one month from the date of receipt of certified copy of the order of this Court and intimate the same to the petitioner within a week thereafter.
(b) After fixation of instalments by the Bank, the respective instalments fixed by the Bank as indicated above be deposited by the petitioner on the date fixed by the Bank.
(c) In case of default in deposit on the date fixed by the Bank, the defaulted amount be deposited on the date fixed for depositing next instalment.
(d) Even after depositing the amount as indicated above, if any amount remains due, then that shall be deposited by the petitioner on the date fixed by the Bank for depositing the last instalment.
(e) In case of three defaults with respect to the payment as per schedule fixed by the Bank, the recovery would stand revive and the respondents may proceed in accordance with law to recover the amount due against the petitioner.
(f) In case of satisfactory deposit with the Bank as indicated above, no recovery charge shall be realized from the petitioner. Subject to above observations, the writ petition is disposed of. Order Date :- 24.6.2010 AKSI