The petitioner is aggrieved with the recovery proceedings initiated for satisfaction of a loan availed of from the respondent Bank. The default is admitted. But the claim is that, the regularisation may be granted on the arrears being cleared. The respondent Bank submits that there is huge default coming to around Rs.10,50,000/- and the total liabilities itself is Rs.15,00,000/-. In the impecunious circumstances pleaded by the petitioner, it is deemed fit that the loan be regularized on the petitioner remitting the arrears in 15 monthly instalments along with the regular EMIs. The Bank shall issue a statement of accounts specifying the arrears due as on 30.06.2014, on the petitioner producing the above judgment and paying Rs.1,00,000/- within two weeks from today. The arrears as stipulated in the statement shall be paid in 15 monthly instalments thereafter with the first instalment on 01.08.2014 and on the 1st of every succeeding month. W.P.(C) No. 3581 of 2014 : 2 :
2. The petitioner shall also be labile to pay EMIs on the due dates as stipulated in the original agreement. On the arrears being cleared, as per the statement, the Bank shall make a demand for any future interest, which shall be remitted as the 16th instalment on the 1st of the succeeding month. On the satisfaction of the entire loan amounts, the recovery proceedings shall be kept in abeyance and the petitioner be permitted to re-pay the loan as per the original agreement. If two consecutive defaults are committed, the recovery proceedings will revive from the stage, at which, this Court has kept in abeyance and proceeded with.
The Writ Petition is disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.