The goods vehicle (M & M Bolero Pick Up FB Single Cab 4 WD) bearing No. KL 25 C 7426 was purchased by the petitioner making use of the funds provided by the respondent Bank. But admittedly there occurred default in repayment of the loan amount. Pursuant to this, the vehicle was taken over by the respondents, which made the petitioner to approach this Court.
2. The learned counsel for the petitioner submits that the default was never wilful and that earnest efforts are being taken to clear the entire amount due. It is stated that the petitioner does not intend to dispute the liability and that the prayer is only to cause the vehicle to be released, on satisfaction of the overdue amount by way of reasonable installments.
3. The learned standing counsel for the respondent Bank submits, on instructions that, total outstanding liability in respect of defaulted installments will come around Rs. 90,000/-, which includes defaulted installments of Rs.64,000/-, additional interest payable in respect of the defaulted installments of Rs. 17,427/- and such other W.P.(C) No. 30052 of 2014 : 2 :
incidental charges, including the batta paid to the Advocate Commissioner.
4. In the said circumstances, the petitioner is permitted to clear the aforesaid amount by way of 'four' equal monthly installments, the first of which shall be effected on or before 30.11.2014 followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the loan account will stand regularised. On satisfaction of 50% of the amount, possession of the vehicle shall be released to the petitioner. This will be in addition to the liability of the petitioner to clear the regular monthly installments as well. It is further made clear that, if the petitioner commits any default in remitting the overdue amount/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realization 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