CW 12894/08 //1// In the High Court of Judicature for Rajasthan Jaipur Bench ** Civil Writ Petition No.12894/2008 Nijamuddeen & Others Versus Oriental Bank of Commerce & Ors. Date of Order ::: 22/05/09 Hon'ble Mr. Justice Ajay Rastogi Mr. Anil Khanna, for petitioner Mr. MA Khan, for respondent Bank Matter has come up on application U/Art.226(3) of the Constitution seeking vacation of interim order dt.18/11/08 whereby operation of order dt.13/08/2008 was stayed provided petitioner deposits a sum of Rs. 50,000/- within one month. At request, matter has been finally heard for disposing of at admission stage. Instant petition has been filed assailing the proceedings initiated against petitioner U/s 13(4) of Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (“Act, 2002”). While issuing notice, interim stay order was passed (supra) subject to condition of deposit of Rs.50,000/- by petitioner. Respondents have filed application U/Art.226(3) of the Constitution. When the matter came up on 20/05/09, CW 12894/08 //2// this Court directed the Bank to inform with regard to over-due amount payable upto date against sanctioned loan and also to inform as to whether petitioner has deposited Rs.50,000/- in terms of interim order dt.18/11/08. Counsel for respondent Bank after taking instructions informs to this Court that petitioner has deposited the sum in terms of interim order and a sum of Rs.39,000/- is over due as on today after deposit of Rs.50,000/- and regular monthly instalment which the petitioner has to pay is of Rs.4,450/-. On instructions Counsel for petitioner submits that petitioner has undertaken to make payment of regular monthly instalments in terms of sanctioned loan and as regards over-due amount of Rs.39,000/-, it may be allowed to be paid in two equal monthly instalments within two months, which has not been vehemently opposed by Counsel for the Bank also. In view of undertaking made on behalf of petitioner, writ petition stands disposed of with the direction that petitioner will deposit over-due amount of Rs.39,000/- in two equal monthly instalments within two months from today and continue to pay regular monthly instalments of Rs.4,450/- against sanctioned CW 12894/08 //3// loan, and in case of failure to pay over-due sum of Rs.39,000/- (supra) or in case of three consecutive defaults in payment of regular monthly instalments, impugned notices dt. 13/08/08 & 03/11/08 (Ann.2 & 3) shall come into force automatically without reference to this Court and respondents will be free to proceed further in accordance with law. No costs. (Ajay Rastogi), J. K.Khatri/p3/12894CW08May22.doc