The petitioner availed a vehicle loan of `19 lakhs from the respondent Bank, agreeing to repay the same by way of monthly installments. Admittedly, there occurred some default. The matter was taken up to the revenue authorities, leading to proceedings under the R.R. Act, which made the petitioner to approach this Court, by filing this writ petition.
2. The learned counsel for the petitioner submits that, the loan was availed for purchasing a 'LMV construction equipment' bearing No.KL-26-E-4542. But due to some adverse conditions, the construction business was put to an end to and the petitioner's husband went abroad and secured a job there. It is stated that, the petitioner has approached this Court because of the steps being pursued against the properties belonging to the husband of the petitioner, simultaneously pointing out that, the petitioner is ready to surrender the vehicle before the Bank to prove the bonafides and is also ready to clear the 'overdue' amounts in respect of the vehicle. The prayer is to grant some WP(c). No.25327 of 2014 -2-
breathing time in this regard and to enable the petitioner to liquidate the entire liability in connection with the loan.
3. Heard the learned counsel appearing for the respondent Bank, who submits that the total outstanding amount as on date is about `21,87,757/- (Rupees twenty one lakh eighty seven thousand seven hundred and fifty seven only. The overdue amount comes around `5,65,084/- (Rupees five lakhs sixty five thought and eighty four only) in respect of defaulted installments and the regular EMI agreed upon by the petitioner's husband was `37,400/- (Rupees thirty seven thousand four hundred only).
3. After hearing both the sides, in view of the assurance and undertaking made by the petitioner to liquidate the liability in a phased manner, the petitioner is permitted to clear the overdue amount by way of 'five' equal monthly installments, the first of which shall be effected on or before 30th October, 2014, followed by similar installments to be effected on or before the 30th of the succeeding months. The petitioner shall also surrender the vehicle before the Bank as assured and undertaken forthwith. This shall be in addition to the liability to clear the regular EMIs. If there is any failure on the part of the petitioner to satisfy the WP(c). No.25327 of 2014 -3-
timely requirements as above, it will be open to the respondent Bank to proceed with steps for realization of the entire liability in lump by pursuing such steps from the stage where it stands now. On surrendering the vehicle as above, which shall be effected by the petitioner within two weeks from the date of receipt of a copy of this judgment, it will be open for the respondent Bank to take proper steps to sell the vehicle/equipment forthwith, vide publicity and to generate as much as income, as possible, and the same shall be set off credited against the liability to be cleared by the petitioner. The liability to clear the balance amount under the loan shall be only the remaining figure, after settling of the said amount as above.
Disposed of accordingly.
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P.R. RAMACHANDRA MENON, JUDGE.
Pn