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Judgment
Dr. Satish Chandra, J.
Notice on behalf of respondents nos. 1 and 2 has been accepted by the learned Chief Standing Counsel, whereas on behalf of opposite party no.3 has been accepted by Mr. Lalit Shukla.
Heard learned counsel for the parties.
With the consent of learned counsel for the parties, this writ petition is disposed of finally at the admission stage.
By means of the instant writ petition, the petitioner prays for quashing the entire recovery proceedings initiated against the petitioner in pursuance of the impugned recovery citation dated 19.5.2009 issued by the opposite party No.2 for recovery of Rs.2,31,050/ and odd.
It has been stated in the writ petition that the petitioner had taken a commercial loan of Rs. 1,68,000/ for the purpose of establishing General Merchant Shop in the year 2008 from the opposite party No.3 but on account of the financial crisis, the petitioner failed to pay the remaining amount within the stipulated time to the respondent and as such, the respondent has proceeded to initiate recovery proceedings to recover the amount.
Learned counsel for the petitioner submits that the petitioner is ready to pay the outstanding amount in easy instalments, to which learned counsel for the respondents has no objection.
Keeping in view the commitment of the petitioner, it is provided that in case the petitioner deposits 25% of the outstanding amount within a period of two months from today, the recovery proceedings shall remain in abeyance and no coercive method shall be adopted against the petitioners. It is further provided that the petitioners will deposit the remaining balance of the outstanding dues in six equal quarterly instalments. The first instalment will fall due in August, 2009. The last instalment will also carry the interest amount. The instalments shall be paid by 5th to 15th of the calendar month. In case of default of the above conditions, the benefit of this order will not be extended to the petitioners and the respondent shall be entitled to recover the entire outstanding loan in one lump sum.
With these observations and directions, the writ petition is finally disposed of.