The petitioner, who defaulted on a loan availed from the 1st respondent Bank, challenges Ext.P3 sale notice issued by the Bank for recovery of entire loan amount outstanding from him. The sale is stated to be posted on 21.05.2014. While the petitioner raises various contentions in the writ petition, the petitioner limits his prayers to the grant of a facility of installment payments so as to pay off the overdue amount of the loan. It is submitted that while paying the overdue amount in installments he will continue to pay the regular installments as per the original loan schedule.
In the facts and circumstances of the case, I dispose of the writ petition with the following directions:
1. The petitioner shall pay the overdue amount of Rs.2,50,000/- in six equal monthly installments commencing from 1st of June, 2014.
2. The petitioner shall continue to pay the installments as per the original loan schedule along with the payment directed above.
W.P.(C).No.12056 of 2014 2
3. The proceedings for recovery contemplated in Ext.P3 notice shall be kept in abeyance in the meanwhile.
4. If the petitioner defaults in any one of the installments directed above the benefit of this judgment shall not enure to the writ petitioner and the respondents will be free to continue with the sale proceedings from the stage at which it currently stands.
A.K.JAYASANKARAN NAMBIAR JUDGE mns/