The court upheld the petitioner's commitment to deposit a substantial amount, establishing conditions for the abeyance of recovery proceedings by the bank.

Order :

1. With the consent of learned counsel for the parties, the present writ petition is taken up today itself for final disposal.

2. Heard learned counsel for the parties.

3. The present writ petition has been filed with the following prayers :-

“a) The impugned order dated 08.11.2024 Annx.No.2 passed by the Presiding officer, Debts Recovery Tribunal-II Delhi Additional Charge, Debts Recovery Tribunal, Jaipur Sh. Sushil Kumar Rastogi in The Securitisation Application No. 573/2024 titled M/S Jai Bherunath Vegetable Company Vs.Central Bank of India may kindly be quashed and set aside.

b) The Ld.DRT, Jaipur may kindly be directed to decide the interim relief under The Securitisation Application No. 573/2024 titled M/S Jai Bherunath Vegetable Company Vs. Central Bank of India afresh as per the material available on record and question of law involved therien, pending adjudication thereat;

c) The Respondent Bank may kindly be directed not to take the physical possession of the subject immovable property and further not to issue any auction notice with respect to the subject immovable property till interim relief is decided thereat;”

4. Learned counsel for the petitioner, instead of joining the issue on merit on instructions submits that he is ready and willing to deposit an amount of Rs.60,00,000/- (Rupees : Sixty Lacs Only) on or before 31.03.2025. He further submits that out of the aforesaid amount of Rs.60,00,000/- (Rupees : Sixty Lacs), he shall deposit Rs.15,00,000/- (Rupees : Fifteen Lacs Only) on or before 28.02.2025 and the remaining amount i.e. Rs.45,00,000/- (Rupees : Forty Five Lacs Only) shall be deposited by him on or before 31.03.2025. Further, it is submitted that after depositing the aforesaid amount of Rs.60,00,000/- (Rupees : Sixty Lacs Only) uptil 31.03.2025, he shall deposit a sum of Rs.10,00,000/-(Rupees : Ten Lacs Only) per month thereafter.

5. On the submissions made by learned counsel for the petitioner, learned counsel for the respondent Bank, on instructions, submits that if the petitioner deposits the said amount within the stipulated time, the recovery proceedings against the petitioner shall be kept in abeyance and if the petitioner fails to obey the commitment made here-in-above, liberty may be granted to the respondent-Bank to recover the same in accordance with law.

6. In view of the submissions made before this Court, the present writ petition is disposed of with a direction to the petitioner to deposit an amount of Rs.60,00,000/- (Rupees : Sixty Lacs Only) on or before 31.03.2025. It is further directed that out of the aforesaid amount of Rs.60,00,000/- (Rupees : Sixty Lacs Only), he shall deposit Rs.15,00,000/- (Rupees : Fifteen Lacs Only) on or before 28.02.2025 and the remaining amount i.e. Rs.45,00,000/- (Rupees : Forty Five Lacs Only) shall be deposited by him on or before 31.03.2025. Further, it is ordered that after depositing the aforesaid amount of Rs.60,00,000/- (Rupees : Sixty Lacs Only) uptil 31.03.2025, he shall deposit a sum of Rs.10,00,000/- (Rupees : Ten Lacs Only) per month thereafter till the entire amount due to the petitioner is not repaid.

7. It is made clear that if the commitment made by the petitioner here-in-above is not obeyed and adhered to, the respondent-bank will be free to recover the amount due from the stage when this petition has been disposed of.

8. The stay application and other pending applications, if any, also stand disposed of.