SARIKA ASSOCIATES Vs. STATE OF U P

JUDGEMENT

(1.) Heard Sri Kshitij Shailendra, learned counsel for the petitioner, Sri Dharmendra Vaish, counsel for respondents 2 and 3 and learned Standing Counsel for the respondent nos. 4 and 5.

(2.) This petition has been filed challenging the recovery proceeding for recovery of dues. It has been stated in paragraph no.1 that this is the first writ petition against the recovery proceedings. Learned counsel for the petitioner states that the petitioner is ready and willing to pay the dues in instalments. Learned counsel appearing for the respondent Bank has no objection.

(3.) After considering the submission and perusing the records, the writ petition is disposed of with the direction that further recovery proceedings against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the demanded amount along with up to date interest accrued in four equal instalment. The first instalment be paid by 28th February, 2018, second instalment by 30th June, 2018, third instalment by 31st October, 2018 and the last instalment by 28th February, 2019. Any amount deposited by the petitioner after issuance of the recovery certificate shall be adjusted. In case, the petitioner deposits the entire demanded amount as directed aforesaid, demand of recovery charges shall stand waived and the recovery proceeding shall be dropped.