Ext.P2 auction notice issued by the second respondent is under challenge in this writ petition.
2. Petitioner pledged a few gold ornaments with the respondent Bank and when she committed default in settling the liability arose on account of the transaction, the bank issued Ext.P2 auction notice.
3. According to petitioner, on coming to know of Ext.P2 auction notice, she approached the respondent Bank and remitted a sum of Rs.40,000/- and despite the said payment, the Bank is taking hasty steps to auction the ornaments pledged by her.
4. Today, when the matter has come up for hearing, the learned counsel for the petitioner submitted that she is prepared to pay the balance amount due to the Bank in installments. The learned counsel for the Bank pointed out that substantial
W.P.(C) No. 25121 /2014 2
amounts are still outstanding in the loan account and going by the past conduct of the petitioner, she is not likely to settle the liability in installments.
5. In the peculiar facts of this case, I feel that the petitioner shall be permitted to liquidate the liability in installments. Accordingly, the writ petition is disposed of permitting the petitioner to settle the balance outstanding in the loan account in 'five' equal monthly installments commencing from 1st November, 2014. Needless to say that all further proceedings pursuant to Ext P2 auction notice shall be kept in abeyance until the liability is liquidated as directed above. It is made clear that if any one of the installments is defaulted, the Bank will be at liberty to restore and continue the proceedings already initiated for recovery of amounts due from the petitioner.
SD/-
P.B. SURESH KUMAR, JV JUDGE