The petitioner availed a 'Kisan credit card loan' and an 'Agricultural term loan' of `1,10,000/- & `2,00,000/- respectively, from the 1st respondent on the strength of security interest created over the property in question. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the Revenue Recovery Act, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the total outstanding liability with respect to the 'Kisan credit card' loan, as on 31.08.2014, is about `1,72,918/- (Rupees one lakh seventy two thousand nine hundred and eighteen only), and in respect of the 'Agricultural term loan', a sum of `97,116/- (Rupees ninety seven thousand one hundred and sixteen only) is the 'overdue' amount in respect of the defaulted instalments.
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen WP(c). No.22462 of 2014 2 circumstances and that steps are being taken, to have the amount cleared, for which some breathing time is sought for.
4. Pursuant to the interim order dated 27.08.2014, the amount ordered by this Court (₹20,000/-) has been satisfied. The learned counsel for the Bank submits that, the said amount has given credit to and only the balance amount has been stated in the counter affidavit.
5. After hearing both the sides, the petitioners are directed to satisfy the entire 'outstanding liability' in respect of the 'Kisan credit card loan' by way of 'six' equal monthly instalments, and with respect to the 'Agricultural term loan' the 'overdue' amount shall be cleared by way of 'four' equal monthly instalments. The first of the above instalments shall be effected on or before the 10th of December, 2014, followed by similar instalments, to be effected on or before the 10th of the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs with respect to the 'Agricultural term loan'. Subject to this, the Agricultural loan account will stand regularised and the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the due amounts WP(c). No.22462 of 2014 3 under the Kisan Credit Loan or the 'overdue' instalment in respect of the Agricultural Term Loan as above, or if any two consecutive defaults are made with regard to the regular monthly instalments under the Agricultural Term Loan, it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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