The petitioner has approached this Court with the following prayers:
“i. Issue a writ of mandamus or other appropriate writ, order or direction, commanding the respondent to permit the petitioner to close the entire loan transaction by repaying the amount shown in Ext.P4 by remitting Rs. 1,00,000/- within a month and the balance with a period of 8 months.
ii. Issue a writ of mandamus or other appropriate writ, order or direction, commanding the respondent to keep further coercive proceedings in abeyance, upon receipt of Rs.1,00,000/- and till payment of the entire balance within 8 months.”
2. Heard the learned counsel for the petitioner and the learned counsel for the respondent Bank.
3. It is brought to the notice of this Court that the petitioner had approached this Court earlier by way of W.P.(C). No. 5528 of 2014 which was disposed of as per Ext.P1 judgment dated 25.2.2014, whereby coercive steps taken by the respondent Bank were intercepted on the basis of the submission W.P.C. No. 26829 of 2014 -2-
made by the petitioner that he was ready to liquidate the liability by way of instalments. It was accordingly that the petitioner was directed to clear the liability by way of five equal monthly instalments starting from 15th March, 2014, directing the Bank to have the loan account regularized, also incorporating default clause.
4. The learned counsel for the petitioner submits that, because of subsequent developments by virtue of serious ailments, sought to be substantiated with reference to Ext.P2 series medical records, the condition could not be satisfied. It is stated that the petitioner is taking every earnest effort to liquidate the entire liability and the prayer is to grant some reasonable instalments. The learned counsel further submits that the petitioner is ready to satisfy a sum of ₹1 lakh within two weeks to prove the bonafides and that the balance may be permitted to be cleared by way of instalments.
5. The learned counsel for the respondent Bank submits that the total outstanding amount as on date is nearly ₹ 6,83,482/-.
W.P.C. No. 26829 of 2014 -3-
6. After hearing both sides, the writ petition is disposed of, directing the petitioner to satisfy a sum of ₹1 lakh on or before the 30th of this month and the balance amount shall be cleared by way of 'six' equal monthly instalments, the first of which shall be effected on or before the 30th of November, 2014; followed by similar instalments to be effected on or before the 30th of succeeding months. Subject to this, the coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of the liability as above, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE.
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