The petitioner, who has availed of a loan from the respondent-Bank, is aggrieved by the proceedings initiated against the property for realization of the dues.
2. Considering the confined prayer made for instalments, it is directed that proceedings for recovery shall be kept in abeyance on condition of the petitioner settling the entire loan in ten equal monthly instalments. The respondent-Bank shall quantify the dues as on 10.12.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 22.12.2014 and thereafter; the due date of instalments falling on the 22nd of each succeeding month. If default is committed in two consecutive instalments, then the respondent-Bank would be entitled to proceed for recovery. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 10.12.2014 and the same shall be settled as the 11th instalment.
WP(C).No.6647 of 2012 - 2 -
3. If there is in existence a One Time Settlement scheme, necessarily the petitioner's case shall be considered under that. But then, the amounts has to be paid as directed by the Bank. The pendency of an application for One Time Settlement shall not deter the petitioner from paying the instalments as directed herein.
The writ petition is disposed of as above. There shall be no order as to costs.
vku.
Sd/-
K.Vinod Chandran, Judge ( true copy )