Petitioner is aggrieved with the recovery proceedings initiated for satisfaction of an educational loan availed for the education of his son. Admittedly, there is default in the said loan. Petitioner projects impecunious circumstances as also the additional ground of interest subsidies granted by the Central and State Governments, to keep the recovery in abeyance. 2. The learned Standing Counsel for the respondent Bank, however, contends that there is no information as such about the interest subsidy as granted by either of the Governments and on such a scheme being formulated or implemented, necessarily, petitioner would be entitled to make an application for the same and WP(C).11784/14 2 the same would be considered on the basis of the terms of such Scheme. But that need not detain the petitioner from paying off the amounts due in the loan account.
3. In the above circumstances detailed above, there shall be a direction to the respondent to grant ten monthly instalments, for settlement of the dues which is said to be Rs.5,82,438/- as on 1.6.2014, starting from 23.07.2014 and thereafter, the due date of instalments will be on the 23rd of each succeeding month. On the satisfaction of the 10th instalment, Bank shall give a statement of the future interest which shall be satisfied as the 11th instalment. If default is committed in two consecutive instalments, then the recovery proceedings shall revive and continue. If the directions above issued are complied with, recovery proceedings shall be kept in abeyance.
WP(C).11784/14 3 On any Scheme being implemented as to interest subsidy, the petitioner would be entitled to move for the same before the respondent Bank, who shall forward it to the concerned authorities and even if the entire amounts in the loan account are paid by the petitioner, by the time interest subsidy is granted, petitioner shall be entitled to refund of such subsidy granted by the Government.
Writ petition disposed of.
Sd/- K.VINOD CHANDRAN, Judge Mrcs //True Copy//