The petitioner has approached this Court seeking for a direction to set aside Exts.P1 and P2 and for consequential reliefs. Exts.P1 and P2 are separate notices issued by the Bank in respect of two gold loans taken by the petitioner. Since the amounts due were not paid, the gold is proposed to be sold on 28.06.2014. According to the petitioner, he requires some more time to discharge the debt and in the mean time, if the gold is sold he will put to severe hardship. 2. Standing Counsel appearing for the respondent would submit that the value of gold security now available is less than the outstanding dues. Outstanding amounts will come to about 6.5 Lakhs whereas the value of the gold is hardly 2/3 of the amount due.
3. However, learned counsel for the petitioner seeks three months time to discharge the debt. But in so far as the security available with the bank is said to be less than the amount due, though some time could be granted to the petitioner, the W.P.C.No.16033 OF 2014 2 petitioner will have to deposit a substantial amount for getting time to repay the entire amount as claimed by the learned counsel for the petitioner.
4. Having regard to the aforesaid factual situation and despite the objection on the part of the bank, I am of the view that some indulgence has to be shown to permit the petitioner to discharge the liability within a time frame. Accordingly, this writ petition is disposed of as under:
The petitioner shall pay an amount of Rs.2.5 Lakhs within three weeks from today and the balance amount shall be paid in two monthly instalments thereafter. If there is default in paying the first instalment or the other instalments, it shall be open for the bank to take appropriate proceedings in accordance with the procedure prescribed.
Sd/- A.M.SHAFFIQUE, JUDGE sd // TRUE COPY // P.A. TO JUDGE