Petitioner is aggrieved with the proceedings taken, for satisfaction of the loan amount, which the petitioner had availed of from the respondent bank. Standing counsel appearing for the bank submits that as on 07.06.2014, there is an amount of Rs.78,508/- due and payable in the account. No regularization can be thought of without the arrears being cleared, is the submission of the learned counsel appearing for the respondent bank. Petitioner, however, undertakes to pay off the said arrears in instalments. 2. In such circumstances, on the petitioner paying off the aforesaid arrears in 4 instalments and also paying the future interest due on the arrears from 07.06.2014, as the fifth instalment W.P.(C) No.15268/2014 2 the petitioner's loan shall be regularized. There shall also be a further condition that the petitioner shall remit the regular equated monthly instalments on the due dates as per the original agreement even when the arrears are being paid. Any two consecutive defaults would entitle the bank to revive the recovery proceedings. If the entire loan amount is satisfied, necessarily, the recovery steps will stand abated and, on failure, the bank would be entitled to proceed with the recovery from the stage at which this Court kept it in abeyance.
Writ Petition is disposed of.
K.VINOD CHANDRAN, JUDGE vdv