VAIBHAV JOSHI Vs. STATE OF UTTARAKHAND

JUDGEMENT

(1.) Petitioner took a loan from Union Bank of India, Rampur Road, District Haldwani for setting up a shop. Since petitioner could not repay the loan in time, therefore, the respondent-Bank has initiated proceedings for recovery of the outstanding loan. Thus, feeling aggrieved, petitioner has approached this Court.

(2.) Learned counsel for the petitioner submits that petitioner is ready and willing to repay the loan, however, due to financial constraints, it is not possible for him to repay the loan in one go. He therefore, prays that he may be permitted to repay the loan in instalments.

(3.) Learned counsel for the respondent no.3/Union Bank of India submits that petitioner can be permitted to repay the loan within eight months, provided he deposits 20% of the outstanding amount with the Bank within four weeks.