AI Structured Summary
Not yet generated for this judgment
No AI summary yet
Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.
Judgment
8 paragraphs · 221 wordsVikram D. Chauhan, J
It has been submitted by learned counsel for the respondentBank that an amount of Rs. 5,38,500/- is due against the petitioner as on 31.01.2025.
Learned counsel for the petitioner at this stage has submitted that he is ready to deposit the aforesaid amount in easy installments.
Sri Manoj Nigam, learned counsel for the respondent-Bank has no objection to the aforesaid proposal of learned counsel for the petitioner.
In view of the aforesaid statement made by learned counsel for the petitioner, it is hereby directed that the petitioner shall deposit the aforesaid amount in ten equal monthly installments and the each installment shall not be less than Rs. 25,000/-. The installment shall be deposited on or before 15th day of every month with the bank. The first installment would start from 01st February, 2024. The last installment would be deposited with balance amount and upto date interest.
In the event, the installment is deposited as undertaken by learned counsel for the petitioner, the bank shall keep the recovery in abeyance. In default of payment of any installment, the respondent-bank would be at liberty to proceed in accordance with law for recovery of the amount.
The petitioner would be at liberty to approach the respondentBank.
The writ petition stands disposed of accordingly.