NAGESH KUMAR SINGH Vs. STATE OF U P

JUDGEMENT

(1.) IT is admitted that after benefits of the Debt Waiver Scheme of 2008 were granted by the Bank to the writ petitioner, he was required to deposit the balance amount in three equal installments, the first being payable on 30.09.2008, second on 31.03.2009 and the last on 30.06.2009. Petitioner has admittedly not deposited the installments so provided. Therefore, recovery proceedings have been initiated by the respondent Bank. Hence this petition. I am of the opinion that the recovery has rightly been initiated in the facts and circumstances of the present case inasmuch as payment of installments as per the agreement arrived at between the petitioner and the Bank under the OTS has not been honoured by the petitioner. At this stage counsel for the petitioner submits that he may be permitted some reasonable time to deposit the entire money in terms of the OTS settlement. Counsel for the respondent Bank submits that in case the petitioner deposits the total sum of Rs. 2,44,999/- along with up to date interest, till the date of actual payment, the Bank shall not press for any recovery proceedings Counsel for the petitioner prays time up to 15.07.2009 to make the payment of the entire outstanding dues, with the Bank. To such a request counsel for the Bank has no objection. Accordingly the present writ petition is disposed of with liberty to the petitioner to make deposit the total sum of Rs. 2,49,299/- along with up to date interest till the date of actual payment by 15.07.2009. Initially up to 15.07.2009 no coercive action shall be taken against the petitioner. If the deposits are made in terms of this order by the petitioner, he shall not be liable to pay any recovery charges. In case of default in compliance of any of the conditions mentioned above, the petitioner shall not be entitled to the benefits of this order and it shall be open to the respondent bank to recover the balance amount in accordance with law.