The petitioners are aggrieved by the proceedings taken against their residential property for satisfaction of two loans availed of from the respondent. 2. The learned senior counsel appearing for the respondent submits on instructions, that the defaulted arrears in the two loan account together would come to Rs.5,82,408/- and the total amount due would be Rs.25,62,371/-. Very fairly the learned senior counsel submits that if the petitioners pay off the arrears, the loan shall be regularized; however on condition that together with the arrears, the regular equated monthly instalments shall also be paid.
3. The learned counsel appearing on behalf WP(C).12993/14 2 of the petitioners undertakes that the entire arrears would be cleared within twelve months from today. The learned senior counsel though objects to the number of instalments, this Court is inclined to grant the same. The sale proceedings shall be kept in abeyance on the following conditions.
(i). The respondent shall issue a statement of accounts showing the defaulted amounts as on 31.5.2014.
(ii). The respondent shall grant twelve monthly instalments for the payment of the balance dues, starting from 23.06.2014.
(iii). Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default as also the regular equated monthly instalments.
(iv) On the petitioners making two consecutive defaults, the recovery steps initiated shall revive and WP(C).12993/14 3 continue.
(v). On the twelfth instalment being satisfied, the Bank shall issue a statement of the interest accrued from 31.05.2014 which shall be satisfied by the petitioner on the 23rd of the succeeding month.
(vi). On the petitioners satisfying the entire arrears, loan shall be regularised.
Writ Petition is disposed of as above, making it clear that the respondent will be free to proceed with the proceedings if the above conditions are not complied with.
Sd/- K.VINOD CHANDRAN, Judge Mrcs