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2007 (2) TMI 316 - SC - Companies LawBanking matters - Procedure to recover loan - default in making payment of the only one instalment - Held that:- Appeal allowed. We are inclined to accept Mr. Salve’s suggestion and accordingly direct that upon deposit of a sum of Rs. 50,000 only, the bank shall forthwith release to the writ petitioner or her agent the truck bearing registration No. UP-78-AN-1951 which had been seized from the writ petitioner’s possession. The writ petitioner assisted by her agent, will sit with the bank officials for the purpose of reconciling the accounts and in the event it is found that the writ petitioner had not been given credit for certain payments made by her, such payments are to be taken into account and the balance principal amount will then be paid by the writ petitioner respondent to the bank in six equal monthly instalments, the last instalment being for any broken amount, if any.
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