Balraj Sarna vs The Collector Udham Singh Nagar And Another

SUDHANSHU DHULIA, J. (ORAL)

The petitioner had admittedly taken a loan of Rs. 9,20,000/- (Rupees Nine Lakh Twenty Thousand only) from Nainital Bank, Branch Bazpur,

District Udham Singh Nagar. Since, the petitioner could not repay the loan amount, recovery proceedings have been initiated against the petitioner and

as of now a recovery citation dated 15.11.2017 has been issued against the petitioner for a recovery of Rs. 13, 12, 201/- (Rupees Thirteen Lakh

Twelve Thousand Two Hundred one only). Hence, the petitioner has approached this Court for relief.

The petitioner has admitted his liability and submits that he is ready and prepared to pay the outstanding loan amount, but in easy installment.

With the consent of both the parties, writ petition stands disposed with the direction that in case the petitioner deposits an amount of Rs. 50,000/-

(Rupees Fifty Thousand only) with the respondent bank within a period of one month i.e. on or before 23.07.2018, the respondent bank shall recover

the remaining amount in thirty six equal monthly installments or in number of installments as agreed to the parties, spread over for a period of three

years. The last installment shall also carry the cumulative interest. It is, however, made clear that no recovery charges shall be taken from the

petitioner. 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.