The petitioner had availed a loan in the year 1995 and defaulted the same. The petitioner claimed One Time Settlement Scheme and had challenged the recovery proceedings initiated against the mortgaged property. On 14.08.2009 this Court granted a conditional stay order directing remittance of Rs.45.000/-. The learned counsel for the respondent Bank submits that the same has been complied with. There is no question of any One Time Settlement at this stage being granted under Article 226.
2. However since the writ petition has been pending before this Court since 2009, the recovery proceedings shall be kept in abeyance for ten months, if the petitioner satisfies the loan as directed hereunder. The petitioner shall produce the certified copy of this WPC.No.21696/2009 : 2 :
judgment before the respondent Bank, within two weeks from the date of receipt of the same and the respondent-Bank shall quantify the dues as on 20.12.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 09.01.2015 and thereafter; the due date of instalments falling on the 09th of each succeeding month. If default is committed in two consecutive instalments, then the recovery proceedings shall revive and continue. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 20.12.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of as above.
No costs.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge