The petitioner availed of an agricultural loan and had committed default in the same. The loan was sanctioned in the year 2012 and was for a period of 15 years. Since default was committed, the respondent Bank has initiated proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments. 2. The learned counsel for the respondent Bank submits that the toal arrears as on today is nearly Rs.8,66,412/-. In the circumstances of the petitioner satisfying the entire defaulted amounts in ten instalments along 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 be kept in abeyance on the satisfaction of the arrears and also on regular EMIs being paid. If two consecutive defaults are committed during the instalment period
W.P.(C)No.32730 of 2014
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granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment shall be paid on 08.01.2015 and the balance instalments shall be paid on the 8th of the succeeding months.
The writ petition is disposed of.
vpv
Sd/-
K.VINOD CHANDRAN JUDGE