- (1.) THIS matter comes up on an application under Article 226 (3) of the Constitution of India for vacation of interim order, but with the consent of learned counsel for the parties, the case has been heard finally.
(2.) THE petitioner has challenged the order dated 25-3-2009 passed by the Collector Kota in exercise of the powers under section 14 (1&2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (herein after `the 2002 Act'), whereby the District Collector Kota accepted the application of the respondent Finance company and directed that the property mortgaged with it be taken into possession with the police help from the concerned police station. An order under Section 14 of the 2002 Act is appealable before the Debt Recovery Tribunal under Section 17 of the 2002 Act. However counsel for the parties are agreeable to the passing of an order by this court not so much on the merits of the petition but on the basis of their consent. Consequently, the writ petition is disposed of in the following terms:- (1) The petitioner shall pay to the respondent company outstanding due amount within a period of one month from today, and ensure that the said dues of the company as on 15-5-2012 are fully paid up by the petitioner; (2) The respondent company thereafter will reschedule the remainder loan amount, and as per submission of counsel for the respondent company the respondent company shall give a rebate to the petitioner of 6.2% per annum on the interest otherwise chargeable in terms of loan agreement; (3) The petitioner shall thereupon pay religiously the monthly instalments as determined without any default. (4) In the event the petitioner does not comply with the aforesaid terms, at any time as detailed above, the respondent company shall be free to proceed in accordance with law from the stage presently obtaining. (5) Till May 15, 2012, no coercive steps for recovery of loan amount shall be taken against the petitioner. The writ petition is disposed of accordingly. Stay application also stands disposed of.;