1 S. B. CIVIL WRIT PETITION NO.6708/2007 ANGREJ SINGH V. THE PRESCRIBED AUTHORITY & ORS. DATE OF ORDER ::: 01-05-2008 HON'BLE MR. JUSTICE MUNISHWAR NATH BHANDARI Mr. G.J.Gupta, for Petitioner (s). Mr. J. K. Chanda, for Respondents. With the consent of the parties, the matter was heard finally, inasmuch as, the short controversy involved in the matter has otherwise been decided by this Court in S. B. Civil Writ Petition No.2909/2007, Smt. Dhina Devi v. State Bank of India & Another, decided on 01.04.2008. The only controversy is regarding the interest charged by the respondents, inasmuch as, according to the petitioner, the respondents should have calculated interest as per the guidelines issued by the Reserve Bank of India (RBI), wherein it was directed to charge interest on half- yearly basis. The learned counsel for the petitioner submits that if the interest is calculated on half-yearly basis, then, the petitioner is ready to pay the entire amount in three installments within a period of one year. The learned counsel for the respondents submits that if the petitioner 2 will pay the amount within a period of one year in installments, then necessarily, he has to pay update interest on the due amount which otherwise would be made known to the petitioner by the respondent – Bank. In view of the agreement between the parties, the respondents are directed to immediately calculate the amount of interest on half-yearly basis and, thereafter, inform the said amount to the petitioner along with necessary information for payment in two installments which would be six monthly each. In view of the directions aforesaid, since the petitioner is ready and willing to pay the entire amount in two installments of six monthly each, immediately after the respondent notify the due amount after calculating the interest at the half yearly basis. The respondent Bank will make necessary calculation within fifteen days and will inform the same to the petitioner immediately thereafter. It is made clear that if the petitioner commits default in making the payment as agreed, then the respondents would be at liberty to proceed against the petitioner for recovery 3 of the amount. The writ petition is disposed of with the aforesaid directions. (M. N. BHANDARI), J. scd 4