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Judgment
Sathish Ninan, J.
The respondent Bank, from which the petitioner availed over draft facilities, is not extending the benefit of the Navakeraleeyam One Time Settlement Scheme for closure of the accounts, is the grievance on which the petitioner has approached this Court.
Referring to the terms of the Scheme, the learned senior Government Pleader as well as the learned standing counsel for the Bank pointed out that the Scheme does not apply to over draft facilities.
Faced with the situation as above, the learned counsel for the petitioner requested for grant of an easy instalment facility to wipe off the debt. The learned counsel submitted that the petitioner is in financial constraints and that the amount involved is huge.
Noticeably, consequent on the default in the loan account, arbitration proceedings were initiated by the Bank, which culminated in an Award. Execution proceedings for realisation of the Award amount is pending. The amount due is approximately Rs.40 Lakhs. Considering the quantum involved and also the financial constraints pointed out by the petitioner, I am of the opinion that reasonable instalment facility can be afforded for repayment of the entire liability.
Accordingly the Writ Petition is disposed of with the following directions.
1) Petitioner is permitted to wipe off the entire debt due to the Bank in fifteen equal monthly instalments commencing from 30.06.2022.
2) The subsequent instalments shall be payable on or before the 20th day of the succeeding months.
3) In case of default in payment of a single instalment, the petitioner will lose the benefit granted under this judgment and further proceedings for recovery can go on.