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Judgment
8 paragraphs · 195 wordsT.R. Ravi, J
The petitioner has approached this Court seeking permission to wipe off the liabilities to the respondent Bank in instalments. The petitioner prays that he may be permitted to pay off the amounts in easy instalments.
The Standing Counsel on instructions submits that the overdue amount is Rs.11,52,116/-.
In the above circumstances, the writ petition is disposed of with the following directions:-
i) The petitioner shall pay a sum of Rs.1,00,000/-on or before 28.03.2023 and the balance overdue amount in fourteen equal monthly instalments, the first instalment becoming payable on or before 28.04.2023 and the subsequent instalments payable on or before the 28th day of the succeeding months. If the petitioner pays the entire instalments as directed above, the respondent shall regularise the loan account;
ii) The petitioner shall continue to pay the regular instalments along with the instalments as directed above;
iii) If the petitioner makes two defaults in the payment of the instalments as directed above, the 1st respondent will be at liberty to continue with the proceedings for recovery;
iv) Coercive steps for recovery shall be kept in abeyance for facilitating the payments by instalments as directed above.