~~~~~~~~~~~ During the course of hearing, it is brought to the notice of this Court that the 1st petitioner had approached this Court earlier by filing W.P.(C) No.16335/2013, which culminated in Ext.P2 judgment, whereby the 1st petitioner was permitted to have the loan account regularised on clearing the entire overdue amount, simultaneously intercepting coercive proceedings. Admittedly, there occurred some default and the Bank is proceeding further steps notifying the sale to be held on 20.11.2014. This made the petitioner to approach this Court by filing the Writ Petition. 2. The learned counsel for the petitioners submits that earnest efforts are being taken to wipe off the entire liability and the prayer is only to permit the petitioners to liquidate the same by way of reasonable instalments. It is also stated with reference to Ext.P3 that the property is being acquired by the concerned authorities for widening of the National Highway (NH 47) and that the entire amount which is likely to come to W.P.(C) No.29792/2014 2 the hands of the petitioners could be caused to be remitted against the loan account to have it closed. Learned counsel for the petitioners further submits that the petitioner has no objection in causing the said amount to be routed through the Bank. It is also stated that the petitioners are ready to satisfy a sum of Rs.2.5 lakhs within 'two weeks' to prove the bonafides.
3. In the above circumstances, the petitioners are directed to satisfy a sum of Rs.2.5 lakhs within 'two weeks' and the balance amount shall be permitted to be cleared by way of 'five' equal monthly instalments, the first of which shall be effected on or before the 30th day of December, 2014; followed by similar instalments to be effected on or before the 30th of succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment as above, it will be open for the respondent Bank to proceed against the petitioners for realization of the entire amount in a lump, from the stage where it stands now. The petitioners shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps. It is W.P.(C) No.29792/2014 3 for the petitioners to intimate the respondent Bank with regard to finalisation of the proceedings in respect of Ext.P3.
Writ Petition is disposed of.
Sd/- P.R.RAMACHANDRAMENON, JUDGE.
ps/12/11/2014