The petitioner is challenging the recovery proceedings initiated against his property. Petitioner was granted an interim stay on condition of payment of certain amounts. It is stated by the learned counsel for the respondents that the said conditions were complied with. The balance amount due is Rs.77,312/- as on 31.10.2014. 2. Considering the confined prayer made for instalments to clear off the balance amounts, it is directed that the coercive proceedings shall be kept in abeyance on condition of the petitioner settling the entire amount in seven equal monthly instalments. The petitioner shall produce a certified copy of this judgment before the respondent Bank within two weeks of its receipt.
WP(C).32197/11 2 Or else, the respondent-Bank shall quantify the dues as on 10.12.2014 and issue a statement of accounts by registered post, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 20.12.2014 and thereafter; the due date of instalments falling on the 20th 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 showing the future interest from 10.12.2014, also by registered post, and the same shall be settled as the 8th instalment.
The writ petition stands disposed of, leaving the parties to suffer their respective costs.
Sd/-
K.VINOD CHANDRAN Judge Mrcs