1. Petitioner is aggrieved with the sale proceedings initiated by the respondent bank for committing default in remitting the loan amount. Learned counsel for the respondent bank submits that the sale has already been set aside.
2. Considering the confined prayer made for instalments, if no third party interest is created, it is directed that the recovery, if not already concluded, shall be kept in abeyance on condition of the petitioner settling the entire loan in six equal monthly instalments. The respondent-Bank shall quantify the dues as on 30.11.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 18.12.2014 and thereafter; the due date of instalments falling on the W.P.(C)No.3145 of 2010 -:2:-
18th 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 30.11.2014 and the same shall be settled as the 7th instalment.
The writ petition stands disposed of as above. No costs.
K. Vinod Chandran, Judge.
sl.