The petitioner is a defaulter in the repayment of a loan that he had availed from the 1st respondent Bank. The only relief sought for by the petitioner is for a facility to pay the outstanding amount in monthly instalments. The learned counsel for the Bank submits that a reasonable facility may be granted.
2. Having considered the contentions of the rival parties, I am satisfied that the petitioner can be permitted to repay the entire amount in 12 equal monthly instalments.
This writ petition is therefore disposed of directing the petitioner to pay the entire amount due to the 1st respondent Bank with up-to-date interest, in 12 equal monthly instalments, the first instalment to be paid on or before 05.07.2014. The subsequent instalments shall be paid on or before the 5th day of each succeeding month thereafter. In order to facilitate the petitioner to pay off the entire amount in instalments, it is directed that all coercive proceedings to recover the amount in default shall be kept in abeyance. It is further made clear that, in the event of petitioner committing default in payment of any of the instalments stipulated above, he shall forfeit the benefit of these directions and that, the Bank shall be at liberty to proceed further in the matter for recovery of the entire amount in a lump.
Sd/-
K.SURENDRA MOHAN, JUDGE.
AV