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Judgment
11 paragraphs · 276 wordsManoj Kumar Tiwari, J
Petitioner took a loan of Rs. 50,000/- for dairy business from Canara Bank, Rikhnikhal Branch, District Pauri Garhwal.
According to the petitioner, owing to certain factors, which were beyond her control, the dairy business could not take off. Consequently, petitioner was not able to re-pay the loan. She is aggrieved by recovery citation dated 05.03.2020 issued against her, for recovery of Rs. 1,97,281/-+ other charges.
Learned counsel appearing for the petitioner submits that petitioner is ready and willing to re-pay the loan, but, due to cash crunch, she is not in a position to deposit the outstanding amount in one go. He, therefore, submits that petitioner be given a reasonable time for repayment of the loan.
Mr. Ashish Joshi, learned counsel appearing for respondent no. 5-bank submits that having regard to the facts of the case, he has no objection, if petitioner is given a reasonable time for repayment of the loan.
Accordingly, the writ petition is disposed of with the following directions:
(i) Petitioner shall deposit a sum of Rs. 25,000/- with the respondent no. 5-bank, within two weeks.
(ii) The respondent-bank shall accept the remaining amount in three quarterly installments, amount whereof shall be intimated to the petitioner, within two weeks.
(iii) Last installment shall carry the accumulated interest.
(iv) Petitioner shall not be liable to pay recovery charges, if she deposits entire outstanding amount, directly with the respondent-bank
(v) In case of default, in abiding any of the aforesaid conditions, petitioner shall not be entitled to protection of this order and respondent-bank shall be at liberty to proceed against her, in accordance with law.