PAWAN SAH Vs. STATE OF UTTARAKHAND AND OTHERS

JUDGEMENT

(1.) The petitioner had admittedly taken a loan of Rs. 18,00,000/- (Rupees Eighteen Lakh only) from Almora Co-operative Bank, Evening Branch, Almora, which he could not repay. Consequently, recovery proceedings have been initiated against the petitioner and as of now a recovery citation dated 21.05.2018 for an amount of Rs. 23,70,634/- (Rupees Twenty Three Lakh Seventy Thousand Six Hundred Thirty Four only) has been issued against the petitioner.

(2.) Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the entire loan amount but in easy installment.

(3.) Learned counsel for the respondent bank submits that the bank is prepared to take the loan amount in easy installment provided the petitioner shows his bona fide and deposits an amount of Rs. 5,00,000/- (Rs. Five Lakh only) with the bank within one month from today.