Petitioner is aggrieved by the recovery proceedings initiated against the petitioner's property, for satisfaction of a loan availed from the 1st respondent.
2. The learned counsel appearing for the respondent Bank submits that, it was an Overdraft facility for one year, in which only intermittent payments were made. In any event, it is submitted that the petitioner has complied with the order of this Court to deposit Rupees Two lakhs and as on 25.06.2014 there is an amount of Rs.8,24,209/- (Rupees Eight lakhs twenty four thousand two hundred and nine only) remaining due and payable in the account.
3. In the context of the impecunious circumstances pleaded by the petitioner, it is deemed fit that the petitioner be permitted to pay off the amounts in instalments. On the submission of the learned counsel for the respondent Bank that the Bank would, on the request of the petitioner, grant such reliefs on the penal W.P.C. No.14050 of 2014 2 interest if the petitioner agrees to make a lump sum satisfaction of the debt, the petitioner shall approach the respondent Bank within a week from today and make a request in writing, which shall be replied to by the Bank by a written communication setting out the manner in which the One Time Settlement can be granted.
If the petitioner is unable to satisfy the One Time Settlement so granted, the petitioner shall start repayment from 24.07.2014 and follow it up on the 24th of each succeeding month and satisfy the amounts herein above stated, in ten monthly instalments. On satisfaction of the 10th instalment, the respondent Bank shall issue a statement for future interest and expenses, which shall be satisfied as the 11th instalment. If two consecutive defaults are committed, the recovery proceedings shall revive and be confirmed.
The writ petition is disposed of.
K. VINOD CHANDRAN, JUDGE sp