The petitioner along with her husband had availed a loan of Rs.7,52,090/- from the respondent/Central Bank of India on the strength of security interest created over the property in question. But repayment could not be effected as promised, which made the respondent Bank to proceed with further steps invoking the machinery under the Revenue Recovery Act. This in turn is under challenge in this writ petition. The learned Counsel for the petitioner submits that the default was not because of any wilful laches or negligence, but because of some adverse circumstances, particularly that the petitioner's husband passed away, despite years' long treatment. The learned Counsel also submits that there is discrepancy with regard to the outstanding balance as borne by Exts.P2 statement of accounts and P3 notice issued to the petitioner..
2. The learned Standing Counsel for the respondent Bank submits, that the total liability under the loan transaction is nearly Rs.11.20 lakhs and that the difference in the figures in W.P.(C)No. 30238 OF 2014 2 Exts. P2 and P3 is only because of the fact that the interest accrued on the due amount after declaration of the account as 'NPA' has been added to the pending liability, as shown in Ext.P3.
3. Considering the facts and circumstances, this Court finds it fit and proper to give one more opportunity to the petitioner to save her property. In the said circumstances, the petitioner is directed to clear the entire liability by way of '8' equal monthly installments, the first of which shall be effected on or before 10.12.2014, followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to the above, the recovery proceedings now stated as being pursued against the petitioner and her property will be kept in abeyance. It is made clear that, if any default is committed by the petitioner in remitting any of the installments, the respondent Bank will be at liberty to proceed with coercive steps from the stage where it stands now, for realisation of the amount in a lump. On satisfaction of the first installment, the Bank shall provide a fresh statement of accounts to the petitioner, showing the W.P.(C)No. 30238 OF 2014 3 outstanding liability, so as to enable the petitioner to liquidate the liability, giving effect to the judgment.
The writ petition is disposed of.
P.R.RAMACHANDRA MENON JUDGE lk