- (1.) We have heard Shri Rajesh Kumar Tiwari, learned counsel for the petitioner. Ms. Sudha Pandey appears for the Punjab National Bank-respondent no.6. Learned Standing Counsel appears for the State respondents.
(2.) The pleadings have been exchanged and thus with the consent of the parties, the writ petition was heard.
(3.) This writ petition is directed against the recovery proceedings initiated by the Punjab National Bank against the petitioner by forwarding a recovery certificate to the Collector, Aligarh under Section 11A of the U.P. Agricultural Credit Act, 1973 (for short U.P. Act of 1973) read with Rule 27 of the U.P. Agricultural Credit Rules, 1975, for recovering an amount of Rs.3,56,99,410/- as on 31.10.2011 with further interest at the rate of 15.5% thereon towards the term loans namely term loan no.1 dated 6.11.2007 of Rs.200 lacs; term loan no.2 dated 30.3.2009 for Rs.50 lacs, term loan no.3 dated 30.3.2009 for Rs.14.28 lacs and the working capital loan dated 30.11.2007 for Rs.110 lacs.;