- (1.) Heard learned counsel for the petitioner, learned Standing Counsel for the respondent nos. 1 2 and 3 and Shri G.P.Srivastava for respondent nos. 4 & 5.
(2.) This petition has been filed challenging the recovery proceeding for recovery of dues. It has been stated in paragraph no. 1 that this is the first writ petition against the recovery proceeding. Learned counsel for the petitioner states that the petitioner is ready and willing to pay the entire outstanding dues in instalments. Learned counsel appearing for the respondent-bank has no objection. After considering the submission and perusing the records, the writ petition is disposed of with the direction that further recovery proceeding against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the demanded amount along with up to date interest in four equal instalment. The first instalment be paid by 28 February, 2018, the second instalment by 30 June, 2018, the third instalment by 31 October, 2018 and the last instalment by 31 January, 2019. Any amount deposited by the petitioner after issuance of possession notice shall be adjusted.
(3.) It is made clear that in case of default in payment of any of the instalment as directed aforesaid or the averment that this is the first writ petition is false, this order shall stand automatically vacated and the respondents will be at liberty to realize the entire amount in accordance with law.;