The petitioner availed a loan from the respondent Bank in the year 2009 for purchasing a car. The petitioner confess having defaulted some instalments, but prays for regularisation on payment of defaulted arrears.
2. The learned counsel appearing for the respondent Bank submits that, the defaulted arrears is Rs.76,282/- (Rupees Seventy six thousand two hundred and eighty two only).
In the circumstances, the petitioner shall be permitted to clear off the defaulted arrears in six monthly instalments, starting from 30.07.2014 and followed up on the 30th of every succeeding month. The petitioner shall also remit the equated monthly instalments as per the original agreement, even during the period in which the arrears are being deposited in instalments. Two consecutive defaults in remittance of instalments shall revive the proceedings initiated by the Bank. On the petitioner complying W.P.C. No.16443 of 2014 2 with the conditions, the recovery proceedings shall be kept in abeyance and shall abate on satisfaction of the instalments as directed above. On default as noticed above, the recovery proceedings shall revive from the point, at which this Court has kept in abeyance.
The writ petition is disposed of.
K. VINOD CHANDRAN, JUDGE sp