1. Petitioner was granted an interim order of stay on condition of deposit of Rs.20,000/-. Learned counsel for the petitioner submits that the same has been paid.
2. There are no sustainable grounds to challenge the recovery. In any event, since the writ petition has been pending from 2005 onwards, it is directed that the recovery shall be kept in abeyance on condition of the petitioner settling the entire loan in ten equal monthly instalments. The petitioner shall produce a certified copy of this judgment before the second respondent within a period of two weeks of its receipt. The respondent-Bank shall quantify the dues as on 30.12.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 10.1.2015 and thereafter; the due date of instalments W.P.(C)No.16732 of 2005 -:2:-
falling on the 10th of each succeeding month. If default is committed in two consecutive instalments, then the recovery proceedings shall revive and continue. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 30.12.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.