The petitioner availed some financial assistance from the respondent Board by way of housing loan, pledging the concerned property in favour of the Board. Admittedly, there occurred some default. Under such circumstance, the respondent Board proceeded with steps to have the due amount realised, also by repossessing the property, to be sold as per Ext.P5. The sale is scheduled to be held on 4.12.2014. This made the petitioner to approach this Court by filing the writ petition stating that the petitioner might be permitted to clear the entire outstanding liability by way of reasonable instalments. It is also stated that the non payment was never wilful; but because of some unfortunate circumstances involving an accident and that the petitioner does not intend to dispute the rights and liberties of the respondent Board in proceeding with steps under the relevant provisions of law.
2. The learned Standing Counsel for the Board submits that the total outstanding liability as on date is nearly ₹3.41 lakhs. It is also stated that an 'OTS' facility is available and if the petitioner intends to avail the benefit thereunder, it is open WP(C).No.32229 of 2014 2 for the petitioner to have the same, upon which substantial reduction of the amount will be effected. It is stated that the liability will be cleared, if a sum of ₹2,11,651/- is effected on or before 31.12.2014 under the OTS scheme .
In the above circumstances, it is open for the petitioner to approach the respondent for claiming the OTS benefit and the due amount shall be satisfied on or before the last date to clear the liability under the OTS scheme as above. If for any reason, the petitioner wants to clear the liability by reasonable instalments, instead of availing the benefit of OTS scheme, it is still open for the petitioner to liquidate the entire outstanding liability accordingly, by way of '8' equal monthly instalments, the first of which shall be effected on or before 20th December, 2014, followed by similar instalments to be effected on or before 20th of succeeding months. Subject to this, the recovery proceedings by way of Ext.P5 sale notice shall be kept in abeyance for the time being. It will be open for the respondents to proceed with further steps if the payments are not effected as above.
Writ petition is disposed of.
stu Sd/-
P.R.RAMACHANDRA MENON , JUDGE.