D.C. Dalela, J. - (1.) The petitioners borrowed a loan of Rs. 85,000/-, on 30.4.88, from the respondent-bank, for agricultural purposes, and the amount was to be re-paid in instalments. The borrowers mortgaged their land, as the security. According to the petitioners, they deposited Rs. 40,000/-, with the bank. The bank moved an application before the Respondent No. 1 (Assistant Collector, Nagar, District-Bharatpur) for the recovery of the loan. The proceedings were initiated for the recovery of Rs. 3,43,999.65. The petitioners contested the application of the bank. But, the learned Assistant Collector, on 27.9.97, passed the order for attachment of the mortgaged land. Thereupon, the petitioners filed their objections, challenging the entire proceedings and praying for the withdrawal of the attachment order. According to the petitioners, the bank did not give them the statement of accounts and there is no proper calculation of interest. Feeling aggrieved by the order of the Assistant Collector, this writ petition has been preferred.
(2.) In the reply, the respondent No. 3 bank has admitted that a loan of Rs. 85,000/-, was taken by the petitioners at the interest of 2.5 per cent over bank-rate, subject to minimum 12.5 per cent per annum with half-yearly rests. The bank has also admitted that the interest has been charged on the basis of half-yearly rests. The bank (respondent No. 3) has also admitted that the loan was agricultural loan. According to the bank, the petitioners have not re-paid the amount and, therefore, the loan, along with the interest, amount to Rs. 3,73,626.65, became due against the petitioners on 31.3.98. According to the bank, the procedure, provided under the Rajasthan Agricultural Credit Operation (Removal of Difficulties) Act, 1974 and the rules framed thereunder, has been followed and complied with by the learned Assistant Collector (respondent No. 1), before passing the impugned order, and as such, the impugned order does not suffer from any legal infirmity. The respondent bank moved an application under Article 226(3) of the Constitution of India, along with the reply to the writ petition, for vacating the ex-parte stay order dated 1.5.98. Upon this, in the file of the stay application, it was ordered on 7.10.98 that the writ petition be listed for final disposal on 28.10.98.
(3.) On 28.10.98, the arguments of both the sides, on the writ petition, have been heard.;