The petitioner is aggrieved with the proceedings taken against the residential property for satisfaction of a loan which, admittedly is in default. The learned counsel appearing for the respondent Bank submits that the loan itself was a general purpose loan for which the residential house was offered as security. Since there was no repayment from April 2013, the residential house was taken over and the petitioner is dispossessed from the same and as on today, there remains due an amount more than Rs.7.5 Lakhs as arrears in the loan account. It is also submitted that regularization would be thought of only on payment of the entire arrears. 2. In the circumstances detailed above, there shall be a direction to the respondent Bank to give a statement of the arrears, including the charges as on 30.06.2014, within a period of two weeks from today.
WP(C).15407/14 2 Petitioner shall deposit half of the amount so demanded on or before 20.07.2014 in which event, residential property shall be resumed to the possession of the petitioner. The balance arrears shall be paid in three equal monthly instalments, 1st of which on 20.8.2014 and the 2nd and 3rd instalments shall be made on 20.9.2014 and 20.10.2014 respectively. Regular EMI shall also be paid on the due dates. Two consecutive defaults shall result in revival of the recovery proceedings from the stage at which it has been kept in abeyance by this Court. Petitioner shall file an undertaking before the Bank that on committing default of any of the above directions, he shall hand over the property to the Bank without demur.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, Judge Mrcs