The petitioner, a defaulter in repayment of a loan availed from the first respondent bank has been issued with Exhibit P1 notice proposing to sell his property for recovery of the loan amount. The sale is scheduled to be conducted on 16.06.2014. The petitioner seeks permission to pay the entire amount in monthly instalments. The plea for grant of instalments is opposed by Advocate G.Hariharan who appears for the first respondent. Having heard the counsel appearing for the respective parties, I am satisfied that the petitioner can be granted a chance to save his property by paying the entire amount in ten equal monthly instalments. However, the adjournment of sale can be only upon payment of a portion of the amount that has been demanded. This writ petition is therefore disposed of with the following directions:
W.P.(C) No.13595 of 2014 -:2:-
1. The sale that is proposed to be conducted on 16.06.2014, notified by Exhibit P1 shall remain stayed on payment of an amount of ₹20,000/- (Rupees twenty thousand only) by the petitioner on or before the date of sale.
2. The balance amount shall be paid by the petitioner in ten equal monthly instalments, the first instalment to be paid on or before 05.07.2014. Subsequent instalments shall be paid on or before the 5th day of each succeeding month thereafter. In the event of the petitioner committing default in payment of any of the instalments, the petitioner shall forfeit the benefit of these directions and the bank shall be at liberty to initiate further proceedings for the recovery of the entire amount in a lump.
Sd/-
K.SURENDRA MOHAN, JUDGE kkj