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Judgment
SUDHANSHU DHULIA, J. (ORAL)
Petitioner had admittedly taken a loan from the Punjab National Bank which he could not repay. Subsequently, the bank proceeded under the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (from hereinafter called as the
‘Act’) for recovery of the outstanding loan amount and issued a demand notice to deposit Rs. 59,55,529/- (rupees fifty nine lakhs fifty five
thousand five hundred twenty nine only). When the petitioner failed to deposit the said amount, a notice under Section 13(4) of the Act was served on the petitioner. Aggrieved, the petitioner has approached this Court.
On 14.6.2018, this Court asked the petitioner to deposit rupees ten lakhs with the respondent bank in order to show his bona fide. Petitioner has admittedly deposited this amount.
Learned counsel for the petitioner has submitted that if some reasonable time is granted, the petitioner shall pay the entire outstanding amount to the bank in installments. Learned counsel for the respondent bank submitted that the bank is willing to take the remaining outstanding amount in
installments.
With the consent of both parties, the matter stands disposed of with the direction that the petitioner shall pay the remaining outstanding amount in six equal monthly installments or in such installments which is mutually agreed by both the parties. It is directed that the last installment shall also carry cumulative interest. It is made clear that recovery shall not include recovery charges. It is further made clear that in default of payment of any single
installment, the bank shall be at liberty to initiate fresh process of recovery.