The petitioner has approached this Court with the following prayers :
“I. Issue a writ of mandamus or any other appropriate writ, order or direction commanding the respondents to permit the petitioner to repay the loan amount due to the first respondent Bank (arising out of loan account number 541506640000031) within a reasonable time period and in such number of installments to be fixed by this Honourable Court; and
II. Issue a writ of mandamus or any other appropriate writ, order or direction commanding the respondents not to take possession of the shop building bearing TC No. 28/2235 (27) in the Hera Chambers Shopping Complex together with undivided interest of 0.133 cents in 16.11 cents of property comprised in Survey No. 1003/B-4 of Vanchiyoor Village till such time fixed by this Honourable Court to repay the loan amount due to the first respondent Bank (arising out of loan account numbers 541506640000031) in installments; and
III. Grant such other and further reliefs which are just and reasonable under the nature and circumstances of the case W.P.(C) No. 32011 of 2014 : 2 :
2. The learned counsel for the petitioner submits that admittedly there occurred default on the part of the petitioner in effecting the timely installments, but the same was never wilful but because of some unforeseen circumstances.
3. The learned counsel for the respondent Bank submits that apart from the term loan of Rs. 10 lakhs availed by the petitioner in the year 2008, which forms subject matter of present writ petition, it is stated that three other loans were also availed by the petitioner; viz housing loan of Rs. 10 lakhs in the year 2008, wherein a sum of Rs.75,000/- is overdue towards the defaulted installments and two agricultural loans of Rs.10 lakhs and Rs. 5 lakhs respectively, availed in the year 2007 and 2008. It is stated that tenure of the agricultural loans is already over and a sum of nearly Rs. 4.48 lakhs and Rs. 1.55 lakhs respectively are overdue, with interest from 28.11.2014 onwards. As far as the term loan is concerned, as on 28.11.2014, a sum of nearly Rs. 3. 2 lakhs is outstanding. It is brought to the notice of this Court that steps have already been taken to realize the amounts due under the different loans availed by the petitioner and they are half way through.
4. The learned counsel for the petitioner submits that the W.P.(C) No. 32011 of 2014 : 3 :
present grievance of the petitioner is only in respect of the term loan and that the prayer is only to enable him to wipe off the entire liability under the said transaction by way of reasonable installments.
5. After hearing both the sides, the petitioner is directed to clear the entire outstanding liability in respect of the term loan by way of 'six' equal monthly installments; the first of which shall be effected on or before the 20th of December 2014; followed by similar installments to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner in respect of term loan shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump, from the stage where it stands now.
The Writ Petition is disposed of.
kmd Sd/-
P. R. RAMACHANDRA MENON, (JUDGE)