V.K. Khanna, J. - (1.) THE present writ petition is directed against recovery proceedings initiated by the respondents. At the admission stage we have heard learned standing counsel and Sri G.C. Bhattacharya learned counsel appearing for the Bank -Respondent No. 3 and the present writ petition is being disposed of finally in accordance with the Rules of the Court. The petitioner does not dispute the taking of the loan and also the fact that the instalments have not been paid in accordance with the terms of the agreement executed by him. The agreement provided that in case the instalments are not paid the Bank will be entitled to recover the entire outstanding demand forthwith. In these circumstances the recovery proceedings initiated by the respondent -Bank are perfectly valid and there is no ground for interference under Article 226 of the Constitution.
(2.) LASTLY it was urged that the petitioner is willing to clear off the entire outstanding demand provided some reasonable time is granted by this Court. We have heard Sri G.C. Bhattacharya counsel appearing for the Bank on this question also. The Bank has no objection to the instalments being fixed subject to the petitioner giving an appropriate undertaking to this court in this connection. Looking to the entire facts and circumstances of the case, in order to facilitate the recovery proceedings and to give reasonable accommodation to the petitioner to clear off the entire outstanding demand we pass this order. The petitioner will file an undertaking to this court within a period of two weeks after serving a copy thereof on the counsel appearing for the Bank stating that he shall clear the entire outstanding demand as directed by this court. Besides this it shall also be stated in the undertaking that the petitioner has not challenged the recovery proceedings for the recovery of loan at any previous stage either by filing a writ petition in this court or by filing a suit. The petitioner shall file a certified copy of this order with the Bank -respondent No. 3 within two weeks which shall give up -to date accounts including all the charges and the total amount to be paid by the petitioner after adjusting the amount already paid by the petitioner, if any, within two weeks thereafter. The amount so determined shall be paid by the petitioner in four equal instalments payable by 31st March, 1991, 30th June, 1991, 30th September, 1991 and 31st December, 1991.
(3.) IN case of default of either of the conditions viz. filing of the undertaking or payment of instalments by the due dates as fixed by this Court, the respondent -Bank will be entitled to recover the entire outstanding demand forthwith and will also be entitled to take appropriate proceedings against the petitioner for violation of the undertaking given to this court. It is being made clear that the order passed by us in no way prejudices the rights and contentions of the Bank.;