The petitioners are aggrieved by the recovery proceedings initiated against the petitioner for settlement of the defaulted amounts, in the loan account availed from the 5th respondent Society. 2. Considering the confined prayer made for instalments, it is directed that the recovery proceedings shall be kept in abeyance on condition of the petitioner settling the entire loan in ten equal monthly instalments. The respondent Society shall quantify the dues as on 31.10.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 17.11.2014 and thereafter; the due date of instalments falling WP(C).26902/13 2 on the 17th of each succeeding month. If default is committed in two consecutive instalments, then the recovery proceedings shall be revived and continued from the stage at which it has been kept in abeyance by this Court. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 31.10.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of as above, leaving the parties to suffer their respective costs.
Sd/-
K.VINOD CHANDRAN Judge Mrcs //True Copy//