AI Structured Summary
Not yet generated for this judgment
Judgment
SUDHANSHU DHULIA, J. (ORAL)
Petitioner had admittedly taken a loan from the State Bank of India 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. As per the petitioner, a recovery citation has been issued on 30.11.2017 against the petitioner for recovery of Rs. 13,79,280/- (rupees thirteen lakhs seventy nine thousand two hundred eight only).
On 14.5.2018, this Court asked the petitioner to deposit rupees one lakh fifty thousand 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 a direction that the petitioner shall pay the remaining outstanding amount in equal monthly installments spread over a period of two and half 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.