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M/S Construction, M.M.C.1, A.D.A. Coloney & Another v. Central Bank Of India (Regional Office) & Another - WRIT - C No. 24528 of 2007  RD-AH 9903 (23 May 2007)
HON. R.P. MISRA,J.
HON.SHISHIR KUMAR, J.
Heard learned counsel for the petitioner Sri V.S. Singh and the learned counsel for the respondents no.1 & 2 Sri Sanjieev Singh .
Petitioners state that they are prepared to repay the loan dues provided they are extended facility to deposit the same in installments.
Respondents, represented by their counsel, have no objection to the above.
In view of the above, we direct that the respondents, their agents, servants, employees, officers etc. shall not proceed to recover the loan amount in question or proceed with attachment/auction sale etc. (subject matter of this writ petition) provided the petitioners make deposits as follows:
1. Petitioners shall make an initial deposit of Rs.75,000/- within one month from today.
2. Petitioners shall pay balance amount in 4 equal quarterly installments on or before 30th of the relevant month; installment period for computing 1st installment shall commence from the day following the day when one-month period referred in clause 1 shall end.
3. Petitioners shall approach the Respondent-Bank in writing, while paying 3rd installment and on so being approached, the Bank shall furnish, within three weeks of receipt of request, detailed account statement giving full particulars indicating all past deposits and dues up to date, along with such documents as may be claimed by the petitioners. Petitioners may file objection within three weeks of receipt of account statement, bank shall communicate decision in three weeks of receipt of objection, if any, and the balance amount, if any, shall be deposited as 4th installment as per direction of the Bank.
4. Any amount already deposited under above loan account shall be duly adjusted and taken care of.
5. In case, petitioners make payments as per schedule prescribed above and comply with all the conditions contained therein, no amount, as collection charges shall be recovered.
6. But in case petitioners commit default of any of the above conditions, this order shall stand vacated automatically on the date of default itself without further reference to the Court and Petitioners will become liable to pay collection charges also.
If the petitioners feel aggrieved against the calculations given in the account statement they may seek their remedy, without being prejudiced by this order in any manner, as may be available in law.
Writ petition is disposed of finally subject to above directions. No order as to costs.
W.P. No. 24528 of 2007
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