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
14 paragraphs · 258 wordsSudhanshu Dhulia, J
Petitioner had admittedly taken a loan from the Indian Overseas Bank, Branch Bageshwar, District Bageshwar, which he could not repay.
Subsequently, the recovery citation dated 19.12.2019 has been issued against the petitioner, which he has challenged before this Court by means of the
present writ petition.
Learned counsel for the petitioner has given a statement that if the petitioner is given some reasonable time to repay the loan, he shall repay the
entire outstanding loan amount. Learned counsel for the respondent-bank submits that the bank is willing to take the amount in installments. The entire
outstanding loan of the petitioner as of now is Rs. 1,54,596/- (Rupees One Lakh Fifty Four Thousand Five Hundred Ninety Six Only).
With the consent of all the parties, the matter stands disposed of with the following directions:â€
The petitioner shall deposit an amount of Rs. 25,000/- (Rupees Twenty Five Thousand Only) with the bank within a period of one month from today
i.e. on or before 08.02.2020. In case the amount is deposited on or before 08.02.2020, the respondent-bank would then recover the remaining amount
from the petitioner in eighteen equal monthly installments spreading over a period of one and a half years. It is made clear that recovery shall not
include 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 Bank shall be at liberty to initiate fresh process for recovery against the petitioner.