- (1.) Heard learned counsel for the petitioner, Sri Anadi Krishna Narayana, learned counsel for respondent-bank no. 5 and learned Standing Standing Counsel for the respondents no. 1 to 4.
(2.) This petition has been filed challenging the recovery proceedings for recovery of dues. Learned counsel for the petitioner states that the petitioner is ready to pay the dues in instalments.
(3.) After considering the submission and perusing the records, the writ petition is disposed of 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 in four equal instalment. The first instalment shall 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 deposits the entire demanded amount as directed aforesaid, the recovery proceeding shall be dropped.;