The petitioner is aggrieved with the recovery proceedings, against the properties of the petitioner for, satisfaction of dues in two housing loans. The learned Counsel for the respondent Bank submits that the two housing loans together had a limit of Rs.4,94,000/- and after availing the same only meager amounts were repaid. The loans itself were declared as Non-Performing Assets in the year 2011. The total outstanding according to the learned Standing Counsel now, come to Rs. 5,68,000/-. 2. The petitioner however contends that he has made substantial payments after notice under Section 13(2) of the securitization proceedings were initiated and that he is willing to clear off the arrears in instalments. The submission of the learned Standing Counsel is that the arrears as on today would be Rs.2,93,000/-. The petitioner is permitted to pay W.P.(C) No. 15813 of 2014 2 of the same in six monthly instalments starting on 25.07.2014 and followed upon 25th of the each succeeding month. The petitioner shall also ensure that regular EMIs are paid on the due dates as per the original agreement, even during the period of instalments made towards the arrears. If two consecutive defaults are committed, during the instalment period, granted by this Court, Bank shall revive and proceed with the recovery proceedings initiated. On payment of the entire instalment the Bank shall be entitled to raise a revised demand for future interest which shall be satisfied as the 7th instalment on the next falling 25th.
The writ petition stands disposed of as above. No costs.
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K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.