The petitioner availed a housing loan from the first respondent bank. When the petitioner committed default in repaying the loan amount as agreed, the bank brought the property mortgaged to them for sale and since there was no purchaser for the property in the sale, the bank purchased the property for a sum of Rs.1,10,000/- (Rupees One lakh and ten thousand only) and this writ petition was filed at that point of time, seeking permission to liquidate the loan liability in installments. 2. Today, when this matter came up for hearing, the learned counsel for the petitioner submitted that the petitioner is prepared to liquidate the liability in a few monthly instalments and the learned counsel for the bank had no objection to the said course of action.
3. In view of the said submissions made at the Bar, this writ petition is disposed of directing the petitioner to pay the balance amount outstanding in the loan account W.P.(C) No.25696 of 2014 2 in twelve equal monthly instalments commencing from 1st of December 2014. All further proceedings pursuant to the sale will be kept in abeyance for the said period of 12 months. It is, however, made clear that if the petitioner commits default of anyone of the instalments as aforesaid, the bank will be at liberty to continue the proceedings initiated against the petitioner.
Sd/-
P.B. SURESH KUMAR JUDGE NS