1. Petitioners have filed the above writ petition challenging the recovery steps initiated in a defaulted loan account. Admittedly, a loan was availed by the petitioners and default was committed. The only contention of the petitioners is that, even though they have paid more than Rs.50,000/- out of the availed loan amount of Rs.1,08,000/-, the respondents, have not credited the amount already paid and are levying exorbitant interest rate.
2. It is trite that computation is not an issue to be considered invoking extra-ordinary jurisdiction under Article 226 of the Constitution of India, nor is the levy of interest, which is as per an agreement. It is also to be noticed that the petitioners had been granted interim stay on condition. It is not clear as to whether such condition has been W.P.(C)No.20643 of 2007 -:2:-
satisfied or not. In such circumstances, considering the pendency of the writ petition from the year 2007, if the petitioners approach the respondent Bank for an instalment facility within one month from today, the respondent Bank shall consider the same favourably; if the liability has not yet been settled. If the petitioners do not approach the respondent Bank within the time stipulated above, the respondent Bank is at liberty to proceed with the recovery.
Writ petition is disposed of as above.
K. Vinod Chandran, Judge.
sl.