This writ petition is filed seeking a writ of Mandamus to direct the respondent bank to permit the petitioner to pay the balance loan amount in instalment basis, based on his representation, dated 10.03.2017.
2.Heard both sides.
3.The case of the petitioner is that he obtained loan for a sum of Rs.11,74,218/- from the respondent bank for purchasing a tractor under hypothecation and he repaid more than 50% of the loan amount with interest. According to the petitioner, due to financial stringency, he made a representation, dated 10.03.2017, to the respondent bank seeking permission to pay the entire arrears in three instalments. Since the same has not been considered so far, the petitioner is before this Court.
4.The learned counsel appearing for the petitioner would submit that the petitioner is an agriculturist and due to loss of income, he seeks to pay the entire arrears in equal instalments, for which, the learned counsel appearing for the respondent, has no serious objection.
5.Considering the facts and circumstances of the case, this Court, directs the petitioner to pay the entire arrears of loan amount to the respondent bank in four equal monthly instalments and the first instalment shall be paid on or before 05.12.2017 and the remaining instalments shall be paid on or before the fifth day of every succeeding month. If the said direction is not complied with by the petitioner, it is open to the respondent to proceed with in accordance with law.
6.The writ petition is disposed of on the above terms. No costs.
To The Branch Manager, State Bank of India, Mimisal Branch, Avudaiyarkovil Taluk, Pudukottai District.
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