In a writ petition arising from loan default and recovery proceedings, this court suspended the recovery proceedings contingent upon the petitioner repaying outstanding dues with interest in specified installments.
Recovery proceedings suspended contigent upon repayment of loan dues in installments; no recovery charges if deposit schedule met.
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Court No. - 36
Case :- WRIT - C No. - 36607 of 2018 Petitioner :- Virendra Singh Respondent :- State Of U.P. And 03 Others Counsel for Petitioner :- Vijay Bahadur Yadav,Pawan Kumar Counsel for Respondent :- C.S.C.,Krishna Kant Tiwari
Hon'ble Mrs. Sunita Agarwal,J.
Heard learned counsel for the petitioner, learned Standing Counsel and Shri Krishan Kant Tiwari, 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 up-to-date interest in equal installments to be deposited before the bank authorities.
(2) The first installment of Rs.1,00,000/- shall be paid within a period of one month from today and an amount of Rs.1,00,000/- shall be paid within a further period of one month.
(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 six 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 :- 2.11.2018/Jyotsana
1 issue framed by the court
Whether recovery proceedings may be suspended subject to installment repayment of loan dues by the petitioner.
Virendra Singh
State Of U.P.
Respondent Bank
Sunita Agarwal
As recorded by the court registry
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