- (1.) Heard learned counsel for the petitioner and learned Standing Counsel for the respondents no. 1 & 2. No one appears on behalf of the respondent bank.
(2.) However, we feel that no useful purpose would be served by keeping this petition pending and issuing notice since the petitioner is ready and willing to repay the entire outstanding of the bank and the right of the bank for variation, modification or clarification of the order is being kept reserved.
(3.) In view of above, writ petition is disposed of with the direction that further recovery proceeding against the petitioner shall be kept in abeyance with liberty to him to deposit the demanded amount in four equal instalment. The first instalment be paid by 31 March, 2018, the second instalment by 31 July, 2018, the third instalment by 30 November, 2018 and the last instalment by 31 March, 2019. After deposit of third instalment, the bank shall issue a calculation chart showing the outstanding interest which the petitioner shall be under liability to pay till the date of depositing last instalment and the same shall be deposited by the petitioner along with the last instalment. In case, the petitioner deposits the entire demanded amount as directed aforesaid, demand of recovery charges shall stand waived and the recovery proceeding shall be dropped.;