The petitioners have approached this Court with the following prayers:
“A. Issue a Writ of Mandamus or any other appropriate Writ, Direction or Order directing the respondents to provide instalment facility or grant a sufficient time to pay the amount in lumpsum to the petitioners to clear the debt arrears and permit him to moot one term settlement of the loan account.
B. Grand such other reliefs as this honourable court may be pleased to deem fit and proper in the circumstances of the case.”
2. The learned counsel appearing for the Bank points out that property was actually put to sale on 06.12.2014 and the case was listed for consideration on 05.12.2014. But in view of some unforeseen circumstances 05.12.2014 came to be declared as a holiday and since the matter was pending consideration before this Court, the Bank did not proceed with the sale scheduled on 06.12.2014. The matter came up for further consideration on 08.12.2014, when submissions were made across the Bar and the case was adjourned by two weeks. It was to facilitate the WP(c). No. 32733 of 2014 2 petitioners to effect some payments, which is stated as not made so far. It is stated that the total outstanding liability as on 06.12.2014 is nearly `72 lakhs.
3. After hearing both the sides, this Court finds it fit and proper to give one more chance to the petitioners to liquidate the liability by way of instalments. There is no dispute with regard to the extent of liability or the rights and interests of the Bank in proceeding with further steps. Accordingly, the petitioner is set at liberty to discharge the 'entire liability' by way of 'ten' equal monthly instalments, the first of which shall be effected on or before 10.01.2015, followed by similar instalments to be effected on or before the 10th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to satisfaction of the 'liability' as above, it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn