The writ petition is filed by the petitioner who defaulted on a loan availed from the 2nd respondent Bank and who now faces the threat of taking over of possession of the secured asset which, in the instant case, is a residential house. It is submitted that an Advocate Commissioner has been appointed by the Chief Judicial Magistrate Court, Thalassery to take over possession and the petitioner apprehends that the symbolic possession in this case may be effected immediately. 2. I have heard the learned counsel for the petitioner as also the Standing counsel appearing for the respondents Bank, who submit that the total amount due as on today is Rs.4,69,321/-.
In the facts and circumstances of the case and considering the severe financial hardship projected by the petitioner, I dispose of the writ petition with the following directions:
(1) The Petitioner shall pay the entire amount of Rs.4,69,321/- in ten equal monthly instalments W.P.(C).No.11833/2014 2 commencing from 1st July, 2014.
(2) Coercive steps for recovery against the petitioner shall be kept in abeyance till then.
(3) If the petitioner defaults in payment of any instalment, it shall be open to the respondents to continue with the recovery steps initiated from the stage at which it currently stands.
A.K.JAYASANKARAN NAMBIAR JUDGE prp