The learned counsel for the petitioner submits that, after filing the writ petition, the petitioner has satisfied a sum of Rs.2,50,000/- (Rupees Two lakhs fifty thousand only) on 19.11.2014 and another sum of Rupees One lakh on 21.11.2014 towards the 'overdue' amount in respect of the defaulted instalments. The learned counsel further submits that, the balance 'overdue' amount could only be to an extent of about 1,59,000/- (Rupees One lakh fifty nine thousand only) and seeks for some breathing time to clear the said amount as well.
2. Despite the service of notice on admission, the respondent has not chosen to appear before this Court.
In the said circumstances, the petitioner is required to satisfy the balance 'overdue' amount by way of 'three' equal monthly instalments, the first of which shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of W.P.(C) No.30952 of 2014 2 the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any single default is committed with regard to the satisfaction of the balance 'overdue' as above, or if any two consecutive defaults are made with regard to the regular monthly installments, it will be open for the respondent to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE sp