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Judgment
Manoj Kumar Tiwari, J
Petitioner took a commercial loan from Kurmanchal Nagar Sahkari Bank Ltd., Branch Sitarganj, in the year 2010 for setting up a shop. Since petitioner defaulted in repayment of loan, therefore, respondent-Bank has proceeded to recover the loan by issuing a recovery certificate. In the present writ petition, petitioner has challenged recovery citation issued by Tehsildar Sitarganj for recovery of Rs. 14,71,577/-.
Learned counsel for the petitioner submits that petitioner is ready and willing to repay the outstanding amount provided some reasonable time is given to him for the purpose. He therefore submits that petitioner be permitted to approach the Competent Authority in the Bank with the proposal and the Competent Authority be directed to take decision in the matter.
Having regard to the willingness shown by the petitioner, the writ petition is disposed of with liberty to the petitioner to submit proposal before the Competent Authority in the Bank. He shall deposit 10% of the outstanding amount within ten days with the concerned Branch. If petitioner submits such proposal alongwith deposit of 10% of the outstanding amount, the Competent Authority shall consider petitioner's proposal and take appropriate decision, in accordance with law within ten days thereafter.
Let a certified copy of this order be issued within a period of 24 hours.