The petitioner herein was challenging the recovery proceedings in a defaulted loan account. In the above writ petition, there was an interim order dated 29.08.2008 by which the distress action was deferred on condition of the petitioner remitting Rs.2.50,000/-. It is not clear as to whether the interim order was complied with. The stay was operative only for one month and there is no extension granted after that. 2. Hence, if the loan is still in default, 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 WP(C).26051/08 2 statement of accounts by registered post in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 10.01.2015 and thereafter; the due date of instalments falling on the 10th of each succeeding month. If 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//