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Judgment
Viju Abraham, J
The petitioner has approached this Court seeking a direction to the 2nd respondent to allow the petitioner to repay the amount demanded in Ext.P1 demand notice in 20 equal monthly instalments.
The learned standing counsel for the bank would submit that the total overdue amount is Rs.80,000/- and the petitioner could be permitted to pay the amount in instalments and the loan could be regularised.
After hearing both sides, I am inclined to dispose of the writ petition directing to regularise the loan on the following conditions:
i) The overdue amount along with the accrued interest and other charges shall be paid by the petitioner in 20 equated monthly installments, commencing from 01.06.2024 onwards and shall continue to pay the regular instalments as per the original loan schedule.
ii) In the event of any single default in payment as directed above, the respondent bank shall be free to continue the recovery proceedings from the stage at which they presently stand.
iii) It is made clear that if the petitioner complies with the aforesaid directions, further proceedings for recovery shall be kept in abeyance.
With the above said directions, this writ petition is disposed of.