The petitioner, a defaulter in repaying the loan availed of from the 1st respondent is before this Court challenging the recovery proceedings initiated against him. 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 1st respondent within two weeks of receipt of the same.
(ii) The 1st respondent shall quantify the amounts due under the various transactions of the petitioner and inform the petitioner in writing the amounts due as on 30.11.2014.
(iii) The 1st respondent shall grant fifteen monthly instalments for the payment of the balance dues, starting W.P.(C) No.11347 of 2013 - P 2 from 18.12.2014 and followed up on 18th of each succeeding month.
(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 satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 30.112014 and the same shall be settled as the 16th instalment.
(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.
K. VINOD CHANDRAN, JUDGE SB