(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) The petitioner has taken a loan of Rs.1,37,500/- in the year 2002 for construction of house. The amount was disbursed to the petitioner in three installments of Rs.37,500/-, Rs.50,000/- and Rs.50,000/-. The last disbursement was made on 20.3.2003. The agreed rate of interest was 18% p.a. compound interest.
2. On behalf of the respondent Bank, Shri Mahendra M. Shah, who has sworn the affidavit on behalf of the Bank is present along with Mr. Hetalkumar Hindocha, Vice President (Legal). They submitted that they have taken instructions from Mr. Narendrasinh Dabhi, Executive Director of the respondent Bank that the Bank is ready to open the seal and lock from the residential premises of the petitioner and hand over possession to him in view of the marriage of the daughter of the petitioner which is fixed for 16.4.2012 provided the petitioner is ready to deposit Rs.1 Lac. After the petitioner deposits Rs.1 Lac, according to respondent Bank, the amount of about Rs.2.40 Lacs remains outstanding.
3. We have heard learned counsel for the parties. Looking to the financial condition of the petitioner and the fact that the marriage of the daughter of the petitioner is fixed for 16.4.2012, we hereby direct the petitioner to deposit Rs.50,000/- with the respondent Bank, which the petitioner has handed over in cash to Mr. Hetalkumar Hindocha, Vice President (Legal) who is present in the Court. Mr. Hetalkumar Hindocha, Vice President (Legal) of the respondent Bank is directed to give a receipt of Rs.50,000/- to the petitioner which he has received in cash. The residential premises of the petitioner which has been sealed and locked by the respondent Bank shall be opened forthwith and the respondent Bank is directed to hand over the possession of the same to the petitioner forthwith, not later than 11.4.2012. For the remaining amount, the respondent Bank may consider the financial condition of the petitioner and enter into One Time Settlement with the petitioner for the remaining amount of about Rs.2.90 Lacs by waiving the penal interest and interest on interest as the petitioner has paid the principal amount as well as some interest to the respondent Bank.
4. If the respondent Bank enters into One Time Settlement and waives penal interest and interest on interest looking to the financial condition of the petitioner, this will be in peculiar facts and circumstances of the case and this shall not be treated as precedent.
5. With the aforesaid observations and directions, this writ petition stands finally disposed of. D.S. permitted.
In view of disposal of writ petition, civil application does not survive and it is accordingly disposed of.
Sd/-
[V.
M. SAHAI, J.] Sd/-
[A.
J. DESAI, J.] Savariya Top