Court disposed of a writ petition regarding recovery proceedings for a loan default, granting stay pending installment repayment.
Recovery proceedings stayed pending payment of entire dues with interest in six installments; no recovery charges if petitioner complies.
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Court No. - 36 Case :- WRIT - C No. - 19098 of 2018 Petitioner :- Krishna Bihari Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Arun Kumar Tiwari,Avinash Mishra Counsel for Respondent :- C.S.C.,Satish Chaturvedi,P.P.Srivastava
Hon'ble Mrs. Sunita Agarwal,J.
Heard learned counsel for the petitioner, learned Standing counsel and learned counsel for the respondent Bank.
The petitioner had taken a loan and was unable to pay the installments on time. Consequently, recovery proceedings have been instituted to recover the balance amount.
There is no illegality in the recovery proceeding but the petitioner contends that he is willing to pay the entire amount in installments.
Learned Standing Counsel as well as counsel for the Bank are agreeable to the prayer made by the petitioner provided he repays the entire dues with interest regularly.
Considering the aforesaid facts, the writ petition is disposed of with the following directions:-
The recovery proceedings shall remain in abeyance provided;
(1) The petitioner pays the entire outstanding amount with upto date interest in six equal installments to be deposited before the revenue authorities.
(2) The first installment of Rs. 1,50,000/- shall be paid on or before 7th August, 2018.
(3) On deposit of the first installment, the respondent bank would furnish the complete statement of accounts showing all the deposits which have been made by the petitioner till date and the balance amount payable.
(4) Rest of the amount shall be deposited by the petitioner in five quarterly installments.
(5) Any amount already deposited shall be given adjustment.
(6) The petitioner shall make deposit of the last installment along with upto date interest.
(7) In the event of default in any of the installments, it would be open to the respondents to recover the amount forthwith.
(8) As only the citation has yet been issued and the recovery has not been proceeded with, it is, therefore, directed that, in case, the petitioner makes deposit as per the schedule above, no recovery charges shall be realised from him.
Order Date :- 6.7.2018/Brijesh
1 issue framed by the court
Whether writ petition requires disposal upon petitioner's willingness to repay dues in installments.
Krishna Bihari
State Of U.P.
2 Others (including Bank)
Sunita Agarwal
As recorded by the court registry
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