The petitioner challenged the recovery proceedings initiated by the 3rd respondent in the above writ petition. On admitted defaults committed in a loan account, 3rd respondent had initiated proceedings for recovery and satisfaction of the same. Towards that end, the 3rd respondent had also attached the stock-in- trade of the petitioner. The 3rd respondent intended to move for sale of the said stock-in- trade as well as the immovable properties of the petitioner for realization of the debts. When the writ petition was moved, in fact, the additional 4th respondent closed down the petitioner's shop for reason of arrears of rent. In any event, it is submitted by the learned counsel for the petitioner as also the learned counsel appearing for the additional 4th WP(C).3468/14 2 respondent that the petitioner had filed an appeal, with respect to the arrears of rent to the Council and the Council had granted some instalments. In view of the order of the Council, the shop was also restored to the possession of the petitioner. Petitioner is now aggrieved by the recovery proceedings initiated by the respondent Bank. 2. I heard the learned counsel for the respondent Bank also. The learned counsel submits that there is an amount of about Rs.3,00,000/- due as defaulted instalments in the account. The learned counsel would submit that only on payment of the same, regularization could be considered. Petitioner urges before the Court that in view of the shop room having been closed and the petitioner having been prevented from carrying on the business, he requires some breathing time to settle the arrears, due to WP(C).3468/14 3 financial stringency.
3. In the circumstances detailed above, there shall be a direction to the 3rd respondent Bank to furnish a statement of accounts of the arrears due as on 15.06.2014 to the petitioner and the petitioner shall pay off the entire arrears in three monthly instalments starting from 01.07.2014. Petitioner shall also satisfy the future interest of the arrears from 15.06.2014. If default in one instalment is committed, Bank shall be entitled to revive the recovery proceedings. In view of the specific direction for payment in instalments, petitioner shall be permitted to carry on the business and no sale proceedings of the stock-in-trade or the immovable properties shall be attempted by the 3rd respondent Bank during the period granted by this Court subject however, to any default committed. It is made clear that the petitioner WP(C).3468/14 4 shall also pay the regular equated monthly instalments in the loan account as on the due dates for the aforesaid period as also thereafter, as per the original agreement.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, Judge Mrcs