The petitioner is the guarantor in a loan availed of by the son of the petitioner and the properties now sought to be taken possession in pursuance to Ext.P7 order, were mortgaged by the petitioner to the respondent Bank, as security for the loan availed of by the son and daughter-in-law. The petitioner contends that on a loan of Rs. 15,00,000/-,availed in 2005; the original borrower has paid more than Rs.47,00,000/- and still amounts are due and the petitioner seeks only breathing time to settle the same. 2. The learned Senior Counsel appearing for the respondent Bank however contends that in fact, the original borrower was earlier before this Court as early as in 2012 and had obtained an instalment facility, which he failed to comply with. The securitisation proceedings taken in the W.P.(C) No. 15451 of 2014 2 year 2010 is still not concluded and the present Writ Petition also can only be considered to be an impediment to such taking over of the property, is the contention.
2. In any circumstance, since a widow, that too a guarantor in a loan, having sought for breathing time, it is deemed fit that the petitioner be given some tome to avoid the distress on her property. The respondent Bank shall issue a statement of accounts with the amounts due as on 15.07.2014. The petitioner shall pay the same in four monthly instalments starting from 24.07.2014 and followed up, with the instalments on the 24th of each succeeding month. On the above directions being complied with, the respondent Bank shall issue further statement for future interest, which shall be settled as the 5th instalment on the 24th of the next succeeding month. If two consecutive defaults are committed, the petitioner shall voluntarily surrender the property mortgaged to the respondent Bank.
3. On compliance of the above conditions, the W.P.(C) No. 15451 of 2014 3 proceedings initiated by the respondent Bank shall be kept in abeyance and on non-compliance, it shall revive and the Bank would be entitled to proceed from the stage at which this Court has kept it in abeyance. The petitioner on failure shall voluntarily surrender the property to the Bank, without demur.
The Writ Petition is disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.