The petitioner availed of an OD loan and had committed default in the same. Since default was committed, the respondent Bank has initiated revenue recovery proceedings, 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 shall issue a statement showing the defaulted amounts as on 30.06.2014.
(ii). The respondent Bank shall grant ten monthly instalments for the payment of the balance dues, starting from 16.07.2014.
(iii). Recovery proceedings shall be kept WP(C).15168/14 2 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 respondent Bank shall issue a statement of the interest accrued from 30.06.2014 which shall be satisfied by the petitioners on the 16th of the succeeding months.
(vi). 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 respondents will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
K.VINOD CHANDRAN, Judge Mrcs