The petitioner is aggrieved by the recovery proceedings initiated for satisfaction of a loan admittedly availed by the petitioner from the respondent Bank. The petitioner was also granted an interim order, by which he was directed to remit an amount of Rs.3,50,000/- within two weeks. It is submitted that no amount has been paid and the petitioner's counsel pleads impecunious circumstances for not having satisfied the condition. Only in the circumstance of the plea made by the learned counsel for the petitioner, the petitioner shall be granted a month's time from today, to pay the amount of Rs.3,50,000/-. In which event, the Bank shall further grant the petitioner time to repay the amount as per the following terms: (i) The petitioners shall produce a certified copy of this judgment before the 2nd respondent within two weeks of receipt of the same.
(ii) The 2nd respondent shall quantify the amounts due under the various transactions of the petitioner and inform the petitioner in writing the amounts due as on 15.11.2014.
WPC.23421/2014 : 2 :
(iii) The respondent shall grant fifteen monthly instalments for the payment of the balance dues, starting from 08.12.2014 and followed up on the 08th of each succeeding month.
(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 15th instalment being satisfied, the respondent shall issue a statement of the interest accrued from 15.11.2014 which shall be satisfied by the petitioner on the 8th 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 respondent will be free to proceed with the recovery if the above conditions are not complied with.
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(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge