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Judgment
Sudhanshu Dhulia, J.
The petitioners had admittedly taken a loan from the respondent-bank, which they could not repay. Consequently, the account of the petitioners was declared as "Non-Performing Asset". Thereafter, the bank proceeded under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (from hereinafter referred to as the "Act") for recovery of its loan amount. Hence, the present writ petition has been filed by the petitioners before this Court.
In compliance of this Court's order dated 15.11.2018, the petitioners have already deposited an amount of Rs.1,50,000/- (Rupees One Lakh Fifty Thousand Only) with the respondent-bank.
Learned counsel for the petitioners has given a statement that if the petitioners are given some reasonable time to repay the loan amount, they are willing to repay the entire outstanding loan amount. Learned counsel for the respondent-bank submits that the bank is willing to take the amount in installments.
With the consent of all the parties, the matter is disposed of with the following directions:-
That the respondent-bank shall recover the outstanding loan amount from the petitioners in eighteen equal monthly installments spreading over a period of one and a half year. It is made clear that recovery shall not include the recovery charges.
It is directed that the last installment shall also carry cumulative interest. It is further made clear that in default of payment of any single installment, the respondent-bank would be at liberty to initiate fresh process for recovery against the petitioners.