The petitioner had availed of a business loan in the year 2012. Admittedly default was committed and the total arrears due in the loan is around Rs.2,73,359/-. The petitioner only seeks for instalments. It is directed that, the respondent Bank serve a statement of accounts as to the total amounts due as on 15.06.2014. The petitioner shall remit the same in eight equal monthly instalments starting from 04.07.2014 and continue payment on the 4th of each succeeding month. 2. If two consecutive defaults are committed, the Bank shall be free to proceed against the property. On the petitioner satisfying the eight instalments as directed herein, the Bank shall be entitled to raise a demand for the future interest from 15.06.2014, which shall be satisfied as the 9th instalment on the 4th of the succeeding month.
W.P.(C) No. 14046 of 2014 2
3. Needless to say, during the period granted, subject to the default clause, the Bank shall keep the proceedings in abeyance.
Writ Petition disposed of. No cost.
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K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.