The petitioner availed of a vehicle loan and had committed default in the same. Since default was committed, the respondent Bank has issued demand notice under the Revenue Recovery Act, in the context of there being arrears for reason of failure to pay the equated monthly instalments. 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 respondent Bank shall issue a statement of accounts showing the defaulted amounts as on 15.06.2014.
(ii). The respondent Bank shall grant ten monthly instalments for the payment of the balance dues, starting from 07.07.2014.
(iii). Recovery proceedings shall be WP(C).14321/14 2 kept in abeyance on condition that the remittances as per this order are made without any default.(iv) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(v). On the tenth instalment being satisfied, the respondents shall issue a statement of the interest accrued from 15.06.2014 which shall be satisfied by the petitioner on the 7th of the succeeding month.
(vi). On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable and the Bank shall remit the collection charges to the Government.
Writ Petition is disposed of as above, making it clear that the respondents will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
K.VINOD CHANDRAN, Judge Mrcs