1. Heard learned counsel for the petitioner and Sri Sanjeev Kumar Singh, learned counsel for the respondent Bank.

2. With the consent of learned counsels for the parties, the writ petition is being decided finally.

3. By this writ petition, the petitioner has prayed for quashing the recovery notice dated 16.09.2023 issued by respondent, a copy of which is Annexure No.1 to the petition.

4. Learned counsel for the petitioner submits that petitioner is ready to deposit entire outstanding dues along with up to date interest provided he is given reasonable time.

5. Learned counsel for the Bank submits that the Bank is interested in realisation of the amount and in case petitioner deposits the entire amount along with up to date interest within the time fixed by this Court, the Bank has no objection.

6. Considering the aforesaid, the writ petition is disposed of with the following directions:-

(i) The petitioner shall deposit a sum of Rs.20,000/- with the respondent Bank on or before 31.03.2024. On deposit of the said amount, the bank will provide statement of account to the petitioner after adjusting the aforesaid amount. Thereafter, the balance amount along with up to date interest shall be paid by the petitioner in five equal quarterly installments. The first installment shall be paid on or before 01.05.2024

(ii) The petitioner shall deposit the amount with respondentBank and no recovery charges shall be realised from the petitioner.

(iii) Subject to payment as directed above, no coercive action shall be taken against the petitioner in pursuance of the impugned recovery notice. In the event, the petitioner commits any default in payment of the amount as directed above, the recovery proceedings shall stand revived and the Bank shall be at liberty to proceed against the petitioner in accordance with law.