- (1.) THE petitioner has taken a loan amounting to Rs.10,08,925/ - from the respondent Bank. The petitioner has not been able to repay the amount of loan and now a recovery citation for an amount of Rs.11,06,449/ - plus interest and other charges has been issued against the petitioner. The petitioner in the writ petition has stated that he is willing and prepared to pay the entire amount in some easy instalments. We have heard learned counsel for the petitioner as well as Sri K.M.Asthana, Advocate representing the respondent Bank.
(2.) LEARNED counsel appearing for the respondent Bank states that the bank has no objection if the entire amount is paid in 12 equal monthly instalments along with up to date interest.
(3.) IN view of the willingness shown by the petitioner and not objected by the learned counsel for the bank, we as a last opportunity direct the petitioner to deposit the entire outstanding amount along with up to date interest in 12 equal monthly instalments. The recovery proceedings pursuant to the recovery citation filed as Annexure 1 to the writ petition shall initially remain stayed for a period of one month and, if the petitioner deposits the first instalment, in that event, the recovery proceedings shall remain stayed for a further period of one month and so on in order to enable the petitioner to deposit the remaining instalments. In the event of default in depositing any of the instalments, the interim protection granted by this Court shall stand automatically discharged and the authorities will be at liberty to proceed in accordance with On deposit of the entire amount as per the recovery citation, the same shall stand withdrawn. The petitioner shall deposit the amount with the bank. The petitioner shall also be liable to deposit 50% of the collection charges with the respondent No. 3 after the entire amount is deposited and before the withdrawal of citation. The amount already deposited shall be adjusted in the last instalment. The writ petition stands disposed of.;