The petitioners who have committed default in repaying the loan and Overdraft facilities availed of from the 3rd respondent, is before this Court challenging the recovery proceedings initiated against their property. The liability and the default is admitted and the only contention is against failure to intimate quantification. Considering the facts of the case and the alleged impecunious circumstances of the petitioner, this writ petition is disposed of on the following terms:- (i) The petitioners shall produce a certified copy of this judgment before the 3rd respondent within two weeks of receipt of the same.
(ii) The 3rd respondent shall quantify the amounts due under the various transactions of the petitioner and inform the petitioner in writing the amounts due as on 15.06.2014.
(iii) The 3rd respondent shall grant fifteen monthly WPC.14266/2014 : 2 :
instalments for the payment of the balance dues, starting from 05.07.2014.
(iv) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(vi) On the 15th instalment being satisfied, the respondent shall issue a statement of the interest accrued from 15.06.2014 which shall be satisfied by the petitioner on the 5th of the succeeding month.
(vii) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
Writ Petition is disposed of as above, making it clear that the respondent will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge