PRITHI SINGH SON OF SHRI BACHITTAR SINGH RESIDENT OF VILLAGE AND PO REHLU TEHSIL SHAHPUR, DISTT. KANGRA, H.P. Vs. THE KANGRA CENTRAL COOPERATIVE BANK LTD. THROUGH ITS MANAGING DIRECTOR, DHARAMSHALA, DISTT. KANGRA, H.P.,

JUDGEMENT

(1.) PETITIONER is aggrieved by the coercive steps proposed to be taken for recovery of the loan amount advanced to him by the 1st respondent. According to the petitioner, in case he is given time upto 31st January, 2013, he is prepared to remit the entire amount as per Annexure P -1 along with accruing future interest and other charges referred to in Annexure P -1. The request is vehemently opposed by the learned standing counsel for the respondent -Bank. Having regard to the peculiar facts and circumstances of the case, we are of the view that the request of the petitioner is to be considered. After all, the bank will gain interest on the loan amount. The debt is secured also.

(2.) IN view of the above circumstances, the writ petition is disposed of as follows.

(3.) NEEDLESS to say that subject to the petitioner filing the undertaking, along with deposit of rupee one lac, as above, within three weeks from today, all the coercive steps for recovery will be deferred till 31st March, 2013. We make it clear that in case there is any factual mistake in the accounts, it will be open to the petitioner to point out the same before the third respondent, in which case, the third respondent will give an opportunity to the petitioner to verify the records. This will be done within a month.