Ajay Rastogi, J. - (1.) MATTER has come up on application filed by Respondent under Article 226(3) of the Constitution for vacation of exparte interim order passed by this Court dt.18.05.2009. However, with consent of the parties, the matter has been finally heard.
(2.) INSTANT petition has been filed assailing the proceedings initiated against the Petitioner by Respondent -bank under the Act of 2002. The Petitioner, as alleged, had furnished guarantee for cash credit facility extended to M/s. Samdani Kirana Store, Bhilwara after creating equitable mortgage over his property. However, it appears from the record that borrower committed default in payment of outstanding loan. Taking note thereof, the account of the borrower was made NPA and recovery proceedings were initiated by serving a notice dt.07.02.09 Under Section 13(2) of the Act upon borrower/guarantor (Petitioner) to pay outstanding dues which has been assailed by the Petitioner (guarantor) in the instant petition. It appears from the record that during pendency this Court passed an exparte order on 18.05.2009 directing the Petitioner to pay a sum of Rs. 4.5 lacs in two equal installments and in that event status -quo in regard to mortgaged property was ordered to be maintained by the parties. It has been informed to this Court that pursuant to exparte order dt.18.05.2009 the Petitioner has deposited a sum of Rs. 4.5 lacs which has not been controverted by the Respondent as well. It appears from the document placed by Respondent on record as Annx.R/2 dt.16.09.09 that a total sum outstanding was Rs. 9 lacs and the last installment was payable on or before 31.03.2010.
(3.) COUNSEL for Petitioner on instructions submits and also filed affidavit in support thereof that his client is ready to pay the balance sum of Rs. 4.5 lacs against the outstanding dues reflected in the order dt.16.09.09 -Annx.R/2 in two equal installments along with simple interest @ 6% per annum on the outstanding due of Rs. 4.5 lacs at the time of making payment of second final installment.;