The petitioner has filed the above writ petition challenging the sale proceedings initiated under the Kerala Co-operative aAgricultural Development Banks Act, 1984 (Act of 1984). The petitioner was granted an interim order on condition, which condition, the learned counsel for the respondent Bank submits, has been complied with. 2. The main contention raised in the writ petition is with respect to the scope of Section 66 of the Act of 1984 which, according to the petitioner, entitles recovery of only the defaulted payments. In any event, the said contention does not survive now, since the loans were granted only for 24 months which period now stands expired. The learned counsel for the WP(C).31575/11 2 respondent Bank also submits that, on commission of default, the Bank had the authority to foreclose the loan and hence, what was sought to be recovered was the entire arrears which, on foreclosure, will stand due and defaulted in the loan account. In such circumstances, the writ petition is found to be devoid of merit.
3. However, considering the confined prayer made for instalments, 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 ten equal monthly instalments. The respondent-Bank shall quantify the dues as on 30.12.2014 and issue a statement of accounts by registered post, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 17.01.2015 and thereafter; the due date of instalments falling on the 17th of each succeeding month. If WP(C).31575/11 3 default is committed in two consecutive instalments, then the recovery proceedings shall be revived and continued. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 30.12.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of, leaving the parties to suffer their respective costs.
Sd/-
K.VINOD CHANDRAN Judge Mrcs //True Copy//