The petitioners are aggrieved by the revenue recovery proceedings initiated for satisfaction of the educational loan granted to the 1st petitioner herein. The 1st petitioner is the daughter of the 2nd and 3rd petitioners and had availed of an educational loan in the year 2001 for carrying on her higher studies. The loan had a moratorium period of 7 years and the re-payment was to commence from 2008 onwards. According to the statement filed by the respondent Bank, the petitioners have remitted only a sum of Rs.2,891/- and Rs.5,972/- to the loan account. No re-payment other than the above was ever made after the moratorium period to the loan account. 2. The petitioners in the Writ Petition raise a contention that the respondent Bank had elected to file a civil suit and hence the revenue recovery proceedings cannot be proceeded with. The said issue is covered in favour of the Bank by a decision of this Court reported in W.P.(C) No. 2649 of 2014 2 Syndicate Bank Punalur v. S.S. Sheriff and others in [AIR (2007) Kerala 189]. In fact the learned senior counsel appearing for the respondent Bank also submits before Court that the Bank was constrained to file a civil suit, since the petitioners refused to execute a revival letter on the loan period having expired. If the petitioner had not instituted to civil suit, then the claim would have been barred by limitation, is the contention. In any event, the revenue recovery proceedings cannot be assailed on that aspect.
3. The further contention taken by the petitioner is that, there is a scheme evolved by the respondent Bank by which substantial interest relief is to be granted and the petitioner has not been granted the same. However, it is submitted by the learned senior counsel that substantial interest relief has been granted reducing the liability by more than Rs.96,000/-. The present arrears would come to more than 5,51,000/-.
4. In such circumstance, if the petitioners desire so, they can approach the respondent Bank for granting W.P.(C) No. 2649 of 2014 3 instalments and the petitioners shall be issued with a statement of accounts with the dues as on 15.06.2014. The petitioners shall be permitted to re-pay the entire loan amounts in twelve monthly instalments starting from 03.07.2014 and continuing on the 3rd of every succeeding month. On the instalments granted by this Court, being satisfied, the Bank shall issue statement of future interest, which shall be satisfied as the 13th instalment. If two consecutive defaults are made, the proceedings shall be revived by the respondent Bank.
5. Needless to say if the conditions are complied the sale proceedings shall be kept in abeyance, and shall only be revived on the default being committed as indicated above. The petitioner shall produce the certified copy of the judgment before the respondent Bank within two weeks from today.
Writ Petition disposed of. No cost.
K. VINOD CHANDRAN, JUDGE SB