The petitioner is a registered owner of the vehicle bearing Registration No.KL-19-A-1899 upon which the petitioner availed financial assistance from the respondent Bank creating security interest. Admittedly, the repayment could not be effected on time. Under such circumstances, the vehicle was repossessed by the Bank, this made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel for the respondent Bank submits on instructions that, the petitioner was never prompt in satisfying the liability on time and a sum of about `1,74,300/- is overdue with respect to the defaulted instalments. It is stated that, much expense has already been incurred by the Bank in connection with the steps taken for causing repossession of the vehicle. A sum of nearly `2.49 lakhs is to be cleared towards defaulted instalments and expenses, if at all the vehicle is to be released to the petitioner and the loan account is to be regularised.
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3. The learned counsel for the petitioner submits with reference to Ext.P1 that the overdue amount could only be nearly `1,05,000/- + expenses. It is stated that the petitioner might be given a statement as to the relevant figures with regard to the liability now sought to be mulcted upon the petitioner, simultaneously pointing out that the petitioner is ready to satisfy a portion of the liability, so as to enable the petitioner to ply the vehicle and generate funds.
4. In the above circumstances, the petitioner is directed to liquidate the 'overdue' amount by way of 'four' equal monthly instalments commencing from 10th of December, 2014 followed by similar instalments, to be effected on or before the 10th of the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time. It is made clear that, if any single default is committed with regard to the satisfaction of the 'overdue' as above, it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
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5. Once the petitioner satisfies 50% of the 'overdue' amount and expenses, the possession of the vehicle shall be restored to the petitioner forthwith.
The Bank shall furnish a copy of the statement to the petitioner showing the particulars of the Account within one week.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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