The petitioner is aggrieved by the possession of the vehicle taken by the respondent-Bank for satisfaction of the loan amount availed of by the petitioner and defaulted. The liability and the default thereon are admitted.
2. Sri.Varghese C.Kuriakose, Standing Counsel, appears for the 1st respondent-Bank and submits, on instructions, that, the present liability as on today including the expenses incurred for repossessing the vehicle is Rs.2,35,000/- and if the said amount is paid, the 1st respondent undertakes that the loan account will be regularized and the petitioner allowed to pay off the loan in regular equal monthly instalments as agreed to in the original agreement.
3. In the above circumstances, it is directed that if the petitioner deposits with the 1st respondent an amount of Rs.1,00,000/- (Rupees one lakh only) within two weeks from today, the vehicle shall be released to the petitioner. The present liability being admitted to be Rs.2,35,000/- (Rupees two lakhs and thirty five WP(C).No.13827 of 2014 - 2 -
thousand only), the petitioner shall remit the balance amount in three equal monthly instalments, starting from 02.07.2014. It is made clear that the regular Equated Monthly Instalments shall be paid on its due dates. If two consecutive defaults are committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. The recovery proceedings shall stand closed on the satisfaction of the arrears and the respondent-Bank shall regularize the loan account and permit the petitioner to pay the regular EMIs as per the original agreement.
The writ petition stands disposed of as above. No costs.
vku.
Sd/-
K.Vinod Chandran, Judge ( true copy )