The petitioner had availed of a vehicle loan which admittedly was defaulted. The total arrears comes to Rs.3,78,000/- and the defaulted arrears stand at Rs.1,07,000/-. On the undertaking of the petitioner that the entire arrears would be settled in instalments, the proceedings for possession and sale shall be kept in abeyance on the following conditions being satisfied by the petitioner. (i). The respondents shall issue a statement of accounts showing the defaulted amounts as on 31.5.2014.
(ii). The respondents shall grant six monthly instalments for the payment of the balance dues, starting from 26.06.2014.
(iii). Recovery proceedings shall be kept in abeyance on condition that the remittances as per this WP(C).13166/14 2 order are made without any default, along with the regular equated monthly instalments, on the due dates.
(iv) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(v). On the sixth instalment being satisfied, the respondents shall issue a statement of the interest accrued from 31.05.2014 which shall be satisfied by the petitioner on the 26th of the succeeding month.
(vi). On the petitioner satisfying the entire arrears, the loan shall be regularised.
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.
Sd/-
K.VINOD CHANDRAN, Mrcs Judge