The petitioner has filed the above writ petition challenging the sale threatened by the respondent-Bank in satisfaction of loan arrears on the ground that the entire property is sold and there is non-compliance of Rule 85 of the Kerala Co-operative Societies Rules, 1969. 2. The respondent-Bank refuted the aforesaid contention.
The learned counsel appearing for the Bank points out that the total property mortgaged was 40 cents, having a residential building thereon. The Bank notified for sale only 16 cents of land out of the 40 cents and that too avoiding the residential building. In the above circumstance, no legal impediment can be attributed to the sale.
3. However, considering the impecunious circumstance pleaded by the petitioner, it is directed that the sale shall be kept in abeyance on condition that the petitioner settles the entire loan amounts due in ten equal monthly instalments. The respondent-Bank WP(C).No.4756 of 2013 - 2 -
shall quantify the dues as on 15.11.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 01.12.2014 and the subsequent instalments on the 01st of every 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 15.11.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of as above. No costs.
vku/-
Sd/- K.Vinod Chandran Judge ( true copy )