The petitioner had availed an Agricultural loan from the first respondent/State Bank of Travancore on the strength of security interest created over the property in question. But repayment could not be effected as promised, which made the respondent Bank to proceed with further steps invoking the machinery under the Revenue Recovery Act. This in turn is under challenge in this writ petition. The learned Counsel for the petitioner submits that the default was not because of any wilful laches or negligence, but because of some adverse circumstances. The prayer is only to grant some breathing time to clear the entire liability by way of reasonable installments.
2. The learned Standing Counsel for the respondent Bank submits, that as on 24.04.2014, the total liability under the loan transaction is nearly Rs.5,30,786/-/-.
3. Considering the facts and circumstances, this Court finds it fit and proper to give an opportunity to the petitioner to save his property. In the said circumstances, the petitioner is directed to clear the entire liability by way of '10' equal monthly W.P.No.25964 OF 2014 2 installments, the first of which shall be effected on or before 10.11.2014, followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to the above, the recovery proceedings now stated as being pursued against the petitioner and his property will be kept in abeyance. It is made clear that, if any default is committed by the petitioner in remitting any of the installments, the respondent Bank will be at liberty to proceed with coercive steps from the stage where it stands now, for realisation of the amount in a lump.
The writ petition is disposed of.
P.R.RAMACHANDRA MENON JUDGE lk