The petitioner, a defaulter in repaying the loan availed of from the respondent Bank is before this Court challenging the recovery proceedings initiated against him. The liability and the default is admitted and the only contention is against failure to intimate quantification. Considering the facts of the case and the alleged impecunious circumstances of the petitioner, this writ petition is disposed of, on the following terms:-
(i). The petitioner shall produce a certified copy of this judgment before the respondent within two weeks of receipt of the same.
(ii). The respondent shall quantify the amounts due under the transaction of the petitioner and inform the petitioner in writing the amounts due as on 31.10.2014.
(iii). The respondent shall grant eight monthly W.P.(C)No.18137 of 2014 -:2:-
instalments for the payment of the balance dues, starting from 26.11.2014.
(iv). Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(vi). On the eighth instalment being satisfied, the respondent shall issue a statement of the interest accrued from 31.10.2014 which shall be satisfied by the petitioner on the 26th of the succeeding month.
(vii). On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
Writ Petition is disposed of as above, making it clear that the respondents will be free to proceed with the recovery, if the above conditions are not complied with.
K. Vinod Chandran, Judge.
sl.