The petitioners have approached this Court seeking for a direction to be given to the respondents 3 and 4/South Malabar Gramin Bank to renew the overdraft facility by permitting the petitioners to pay off the entire overdue or in the alternative to permit the petitioners to clear the entire liability by way of 10 Equal Monthly Installments . The learned Counsel for the petitioners submits that financial assistance to the tune of Rs.50000/- was availed from the 4th respondent Bank in connection with the business in the year 2007, but repayment could not be effected because of some pecuniary circumstances; simultaneously adding that the default was never wilful. It is stated that the petitioners are ready to clear the entire liability for which some breathing time is sought for .
2. Heard the learned Standing Counsel for the respondent Bank, who submits that the prayer of the petitioners to have the overdraft facility renewed is not liable to be entertained since the tenure itself is over much before . It is however stated that the Bank does not have any objection in granting some more time W.P.(C)No.26009 OF 2014 2 to the petitioners to clear the liability by way of installments.
3. After hearing both the sides and also considering the the plight of the petitioners, as highlighted by the learned Counsel for the petitioners , the petitioners are permitted to clear the entire liability (including subsequent interest) by way of '10' Equal Monthly installments, the first of which shall be effected on or before 30.10.2014, followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to the above, the recovery proceedings now stated as being pursued against the petitioners and their property will be kept in abeyance. It is made clear that, if any default is committed by the petitioners in remitting any of the installments, the respondent Bank will be at liberty to proceed with coercive steps from the stage where it stands now, for realisation of the amount in a lump.
The writ petition is disposed of.
P.R.RAMACHANDRA MENON JUDGE lk