The petitioner availed of a housing loan from the respondent Bank in the year 2013 and proceedings have been taken within an year since, according to the learned Senior Counsel appearing for the Bank, continuous default was committed from the first instance. There is an amount of Rs.3,84,000/- due and defaulted in the loan account as on date. However, considering that the loan period is not over, and also on the admitted fact that the petitioner had been working in a Co-operative Society, and he has been sent out of employment on some allegation, this Court is of the opinion that the petitioner can be permitted to clear the arrears in installmets. 2. The learned Senior Counsel submits that the property has already been taken possession of and this Court may consider granting repossession only after the arrears having been fully paid. In the circumstances of the petitioner satisfying the entire arrears/default in three instalments along WPC.14432/2014 : 2 :
with the regular payment of EMIs, on the respective due dates, there shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the satisfaction of the arrears and also on regular EMIs being paid. If one default is committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment shall be paid on 08.07.2014 and the balance instalments shall be paid on the 8th of the succeeding months. The possession shall be handed over after the three installments are paid clearing of the arrears or on any prior date on which defaulted arrears are cleared. If any threat is caused to the security personnel posted in the property, the respondent shall be free to move this Court to vacate the directions in the judgment.
Writ petition disposed of.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge