The petitioner availed of a housing loan in the year, 2010. The petitioner's daughter is the guarantor. The petitioner confessed to have 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.3,21,231/- (Rupees Three lakhs twenty one thousand two hundred and thirty one only), which necessarily would carry future interest also.
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 months. 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 default in remittance of instalments shall revive the W.P.C. No.16422 of 2014 2 proceedings initiated by the Bank. On the petitioner complying 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