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Judgment
T.R. Ravi, J
The petitioners have approached this Court seeking permission to pay off the amounts to the respondent in easy instalments.
The Standing Counsel on instructions submits that a sum of Rs.2,44,991/- is the overdue and if a substantial amount is paid, the balance can be allowed to be paid in instalments.
In the above circumstances, the writ petition is disposed of with the following directions:-
i) The petitioners shall pay a sum of Rs.50,000/-on or before 30.03.2023 and the balance overdue in five equal monthly instalments, the first instalment becoming payable on or before 30.04.2023 and the subsequent instalments payable on or before the 30th day of the succeeding months. If the petitioners pay the entire instalments as directed above, the respondent shall regularise the loan account;
ii) If the petitioners make two defaults in the payment of the instalments as directed above, the respondent will be at liberty to continue with the proceedings for recovery;
iii) Coercive steps for recovery shall be kept in abeyance for facilitating the payments by instalments as directed above.