1. Petitioner challenges the recovery proceedings initiated against the petitioner and the petitioner was granted an interim order on 20.10.2014 directing deposit of Rs.50,000/-, which has not been complied with. When the matter came up today, the petitioner seeks instalment facility to pay off the entire amount.
2. If the petitioner makes a deposit of Rs.50,000/- within three weeks from today, then the petitioner shall be granted the facility to pay off the balance amount in twelve equal monthly instalments. The petitioner 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 10.1.2015 and issue a statement of accounts, in accordance with which the instalments shall W.P.(C)No.27285 of 2014 -:2:-
be paid. The 1st instalment shall be paid on or before 20.1.2015 and thereafter; the due date of instalments falling on the 20th of each succeeding month. If default is committed in two consecutive instalments, 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 10.1.2015 and the same shall be settled as the 13th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.