The petitioner has availed of a housing loan and an educational loan from the respondent Bank, which admittedly are defaulted. The petitioners only pray that they may be allowed to regularize the loan account after paying of the entire arrears along with regular EMIs, so as to satisfy the loan as per the original agreement. 2. In the circumstances of the petitioner satisfying the entire arrears/default 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 stand closed on the satisfaction of the arrears and also on regular EMIs being paid.
3. The respondent-Bank shall quantify the dues as on W.P.(C) No. 14668 of 2014 2 30.06.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 17.07.2014 and thereafter; the due date of instalments falling on the 17th 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 30.06.2014 and the same shall be settled as the 11th instalment.
The writ petition stands disposed of as above. No costs.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.