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Judgment
This petition seeks quashing of taking of coercive measures for recovery of loan amount.
On an earlier occasion, the petitioner had filed a writ petition before this Court which was disposed of on 23.7.2012 with a direction to the Bank to take a decision on the representation of the petitioner for rephasement of the loan amount subject to the petitioner depositing a sum of Rs. 10 lacs. The petitioner deposited the said amount and sought rephasement. The Bank, however, asked the petitioner to give a proposal for return amount in installments. Against the said order, the petitioner has approached this Court.
We have heard learned counsel for the parties.
Learned counsel for the Bank states that the proposal of the petitioner will be considered if the petitioner spells out the complete scheme of rephasement.
Accordingly, this petition is disposed of with a direction that if the petitioner submits a proposal for rephasement in installments or any other proposal in accordance with law, the Bank may take a decision thereon within one month from the date of the said proposal. Till decision is taken, the Bank may not take any coercive measure against the petitioner.