The petitioner had availed a loan of Rs. 75,000/-on 28.10.2010 from the respondent Corporation creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with the steps under the Kerala Revenue Recovery Act, which in turn is sought to be intercepted in this writ petition.
2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. The learned Counsel for the petitioner submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT. It is however assured that the entire 'overdue' amount as well as regular E.M.Is will be cleared, without fail, if some breathing time is given.
3. The learned Standing Counsel for the respondent Corporation, on instruction, submits that a sum of Rs.52,550/- is 'overdue' towards defaulted installments out of the total liability of Rs. 91,828/-.
W.P.(C) No. 28143 of 2014 : 2 :
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the liability towards the 'overdue' amount by way of 'three' monthly installments; the first of which shall be of Rs.25,000/- to be effected on or before 15.11.2014 and the balance amount shall be cleared by way two installments to be effected on or before 15th of the succeeding months. Subject to this, the loan account will stand regularised and all coercive proceedings shall be kept in abeyance for the time being. This will be in addition to the liability to clear the regular monthly installments as well. It is further made clear that, if the petitioner commits any default in remitting the overdue amount/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd