The petitioner availed a cash credit facility of Rs. 2,00,000/- from the third respondent Bank, creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with steps under the Revenue Recovery Act, which in turn is sought to be intercepted in this writ petition.
2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT. It is however assured that the entire 'outstanding amount' will be cleared, if some breathing time is given.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that, nearly a sum of Rs. 4.28 lakhs is due from the petitioner.
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the W.P.(C) No. 32110 of 2014 : 2 :
'entire outstanding amount' by way of 'five' installments commencing from 30.12.2014, followed by similar installments to be effected on or before the last working day of the succeeding months. The initial 'four' installments shall be of Rs.1,00,000/- each and the 5th installment shall be for the residual amount so as to wipe off the entire liability. The recovery proceedings stated as being pursued against the petitioners shall be kept in abeyance for the time being. Ext. P3 representation preferred by the petitioner for waiver of interest and other charges shall be considered and eligible benefit, if any, shall be extended to the petitioner, giving credit against the last installment to be satisfied. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd