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Judgment
SUDHANSHU DHULIA, J. (ORAL)
Petitioner had admittedly taken a commercial loan from the Punjab National Bank which he could not repay. Subsequently, the bank initiated the
recovery proceedings under the U.P. Public Money (Recovery of Dues) Act, 1972 to recover the outstanding loan amount as arrears of land revenue
and on 30.11.2016, a recovery citation has been issued against the petitioner for recovery of Rs. 5,59,797/-(rupees five lakhs fifty nine thousand seven
hundred ninety seven only).
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 a direction that the petitioner shall pay rupees fifty thousand to the respondent
bank on or before 04.7.2018 and thereafter he shall pay the remaining outstanding amount in equal monthly installments spread over a period of two
years 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.