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Judgment
Sudhanshu Dhulia, J
The petitioner had admittedly taken a loan from the Corporation Bank, Branch Rudrapur, District Udham Singh Nagar, which he could not repay.
Thereafter, proceedings were initiated against the petitioner for recovery of loan amount and as of now a notice has been issued by the bank for
taking possession of the property mortgaged by the petitioner with the bank. Aggrieved, the petitioner has filed the present writ petition. Â
Petitioner is represented by Mr. Pankaj Tangwan, Advocate and the respondent bank is represented by Ms. Anjali Noliyal, Advocate.Â
Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire outstanding loan amount, but in easy
installments.Â
Learned counsel for the bank submits that their purpose is to get the money back and in case the petitioner shows his bona fide by depositing a
substantial amount initially, the bank is prepared to take the remaining amount in easy installments.  Â
In view thereof, with the consent of both the parties, writ petition is disposed with the following directions:
 In case the petitioner deposits an amount of      Rs. 2,50,000/- (Rupees Two Lakh Fifty Thousand only) with the respondent bank
within a period of three weeks from today i.e. on or before 26.03.2018, the respondent bank shall recover the remaining amount in nine months
thereafter in a number of installments to be fixed by the bank. It is, however, made clear that the last installment shall also carry the accumulated
interest. It is further made clear that in case of any single default by the petitioner in making payment, the respondent bank shall be at liberty to initiate
fresh recovery proceedings against the petitioner.