- (1.) This petition has been filed challenging the recovery proceedings for recovery of dues. It has been stated in paragraph no.1 that this is the first writ petition against the recovery proceedings.
(2.) Learned counsel for the petitioner states that the petitioner is ready and willing to pay the dues in instalments. Learned Standing Counsel appearing for the respondent-bank has no objection.
(3.) There is no counsel on behalf of respondent Nos.1 and 2-Bank, however, since the petitioner is ready and willing to pay the entire outstanding dues in intalments, we are disposing of the writ petition without giving any notice to the respondent-bank keeping its right to seek alteration or modification in the order, if any, reserved, with the direction that further recovery proceedings against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the demanded amount along with up to date interest accrued in four equal instalments. The first instalment be paid by 31st March, 2018, second instalment by 31st July, 2018, third instalment by 30th November, 2018 and the last instalment by 31st March, 2019. Any amount deposited by the petitioner after issuance of the recovery certificate shall be adjusted. In case, the petitioner deposit the entire demanded amount as directed aforesaid, demand of recovery charges shall stand waived and the recovery proceedings shall be dropped.;