1. Petitioner has filed the above writ petition claiming One Time Settlement. Learned counsel for the respondent Bank submits that there is no OTS Scheme in existence and the Bank cannot offer an OTS unless there is a scheme formulated for such settlement. In such circumstance, learned counsel for the petitioner seeks for settlement by instalments.
2. Considering the prayer made for instalments, it is directed that the recovery shall be kept in abeyance on condition of the petitioner settling the entire loan in fifteen equal monthly instalments. The petitioner shall produce a certified copy of this judgment before the respondent Bank within two weeks of its receipt. The respondent-Bank shall quantify the dues as on 5.1.2015 and issue a statement of accounts by registered post, in accordance with which W.P.(C)No.32397 of 2014 -:2:-
the instalments shall be paid. The 1st instalment shall be paid on or before 10.1.2015 and thereafter; the due date of instalments falling on the 10th 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 5.1.2015 and the same shall be settled as the 16th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.