1. The petitioners are aggrieved by the proceedings taken against their property for settlement of the defaulted amounts, in the loan account availed.
2. Considering the confined prayer made for instalments, it is directed that the recovery shall be kept in abeyance on condition of each of the petitioners settling the entire loan in fifteen equal monthly instalments. Petitioners shall produce a certified copy of this judgment before the respondent Bank within two weeks of its receipt. The respondent-Bank shall quantify the dues as on 30.12.2014 and issue a statement of accounts by registered post, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 15.1.2015 and thereafter; the due date of instalments falling on the 15th of each succeeding month.
W.P.(C)No.22531 of 2007 -:2:-
If default is committed in repaying one instalment, then the recovery proceedings shall revive and continue. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 30.12.2014 and the same shall be settled as the 16th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.