1. Petitioner is aggrieved with the recovery proceedings initiated against the petitioner for a debt availed of by the petitioner from the second respondent society. Petitioner's contention is that for a loan of Rs.70,000/-, the respondent is demanding more than Rs.1,57,000/-. If no payment has been made, definitely the interest will accrue. It is also trite that this Court would not go into computation. In fact, in the petitioner's loan account which was the subject-matter of an arbitration, Ext.R1(a) was passed. Counsel for the respondent Bank also submits that the interim order passed on 20.6.2013 has not been complied with till date. In such circumstance, the petitioner cannot be granted any relief in the above writ petition.
2. However, considering the confined prayer made for instalments, it is W.P.(C)No.11945 of 2012 -:2:-
directed that the recovery shall be kept in abeyance on condition of the petitioner settling the entire loan in six equal monthly instalments. The respondent-Bank shall quantify the dues as on 10.12.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 18.12.2014 and thereafter; the due date of instalments falling on the 18th 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 10.12.2014 and the same shall be settled as the 7th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.