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Judgment
9 paragraphs · 200 wordsSathish Ninan, J
Petitioner had availed a mortgage loan from the respondent Bank. Repayment of the facility was defaulted. Consequently, the respondent – Bank, has initiated revenue recovery proceedings. Petitioner seeks for grant of an easy instalment facility for regularisation of the facility.
Heard the learned counsel for the petitioner and the learned Standing Counsel for the Bank.
Having considered the total amount payable, the term of the loan and also the financial constraints pointed out by the petitioner, I am of the opinion that a reasonable instalment facility can be afforded to have the loan account regularised.
Accordingly, the writ petition is disposed of with the following directions:-
(a) The petitioner is permitted to have the loan account in question regularised by paying off the entire over due amounts to the Bank, inclusive of interest and costs, in fifteen equal monthly instalments commencing from 15/06/2022.
(b) The subsequent instalments shall be payable on or before the 5th day of the succeeding months.
(c) This shall be in addition to the regular EMIs payable.
(d) In case of default in payment of a single instalment as above, the petitioners will lose the benefit granted under this judgment.