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Judgment
Sathish Ninan, J
The petitioners seek for regularisation of credit facilities, 2 in number, availed from the respondent Bank. Since the repayment of the facility was defaulted, recovery proceedings are initiated by the Bank. The petitioners are before this Court seeking for a direction to the Bank to grant facility for regularisation of the accounts.
Heard the learned counsel for the petitioners and the learned Standing Counsel for the bank.
The petitioners are in great financial constraints which resulted in default in repayment in the loan account. If the petitioners are afforded an instalment facility, they will be able to have the account regularised, submits the learned counsel for the petitioners. The Bank is not averse to grant of such a facility provided the interests of the Bank are not affected, submits the learned Standing Counsel.
Considering the entire facts and circumstances, I dispose of the Writ Petition with the following directions.
a) As regards the loan, the period of which expires in the year 2022, the petitioners shall be permitted to have the account regularised by paying of the entire overdue amounts with interest and costs in eight monthly instalments commencing from 21.03.2022. The subsequent instalments shall be payable on or before the 20th day of the succeeding months.
b) As regards the other loan availed by the petitioners, the account shall be regularised on the petitioners paying the entire overdue amounts with interest and costs in eighteen monthly instalments commencing from 21.03.2022. The subsequent instalments shall be payable on or before the 20th day of the succeeding months.
c) The instalments payable as above, in both the accounts, shall be in addition to the regular EMIs payable.
d) In case of default in payment of any single instalment of the overdue amount or the EMI as above, the petitioners will lose the benefit granted under this judgment.
e) Notwithstanding the directions above, it shall be open for the petitioners to approach the Bank and seek the benefit of One Time Settlement Scheme, if any.