SBCWP NO.8215/2008– RAKESH KUMAR V/S ORIENTAL BANK OF COMMERCE AND ORS . JUDGMENT DATED 21.11.2008 1/3 IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JODHPUR. S.B. CIVIL WRIT PETITION NO.8215/2008 Rakesh Kumar versus Oriental Bank of Commerce and ors. PRESENT HON'BLE Dr.JUSTICE VINEET KOTHARI Mr.K.K. Shah, for the petitioner Mr.Neelam Goyal, for the respondents. DATE OF ORDER : 21st November, 2008. O R D E R 1. Heard the learned counsels for the parties. 2. The learned counsel for the respondent – Bank submits that after receiving the payment of Rs.1,00,000/- on 7.11.2008, the net sum of Rs.3,69,046/- remains due from the petitioner to be paid. The learned counsel for the petitioner Mr. Shah submits that the said amount will be cleared and paid off to the respondent – Bank as early SBCWP NO.8215/2008– RAKESH KUMAR V/S ORIENTAL BANK OF COMMERCE AND ORS . JUDGMENT DATED 21.11.2008 2/3 as possible. He further submits that on account of marriage in the family, time upto 31.3.2009 may be granted. 3. The learned counsel for the respondents however opposes the grant of time upto 31.3.2009 and submits that the recovery proceedings under Section 34 of the Securitization Act, 2002 is pending on account of pendency of this writ petition and therefore, time upto 31.12.2008 can only be granted to square up the said loan amount. 4. Having considered the rival submissions and in view of the facts and circumstances of the case that the petitioner has paid adhoc amount to the respondent - Bank and has also recently paid Rs. 1,00,000/- against the outstanding amount of Rs.4,69,000/-, this Court considers it expedient to dispose of this writ petition with a direction to the petitioner to pay entire amount of Rs.3,69,046/- with regular interest upto the date of actual payment at the rate as already being charged in the said loan account on or before 31st January, 2009. It is made clear that no extension of time shall be granted under any circumstances and if the petitioner fails to clear off and square up the said loan account with interest on or before 31st January, SBCWP NO.8215/2008– RAKESH KUMAR V/S ORIENTAL BANK OF COMMERCE AND ORS . JUDGMENT DATED 21.11.2008 3/3 2009, this writ petition shall be treated as dismissed and the respondent – Bank shall be at liberty to undertake further action under the Securitization Act further from the stage, where it is now pending. 5. With the aforesaid observations, this writ petition is disposed of. (Dr.VINEET KOTHARI)J. Item No.20 Ss/-