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Judgment
Antony Dominic, J.—Petitioner along with his wife has availed of a housing loan of Rs. 5,00,000 in 2005. According to the petitioner, since inception, default was committed and as on 28/2/12, the balance amount due from the petitioner is Rs. 5,43,790 plus interest and other charges. Although this reflects the fact that the petitioner is a chronic defaulter, still having regard to the fact that what is sought for by the petitioner is an order for regularising the loan in question, such relief can be considered only if the petitioner clears the entire amount in default along with costs and the current EMI. In that view of the matter, in order to give the petitioner yet another chance to get the loan regularised and thus pay the amount due avoiding coercive action, I issue the following directions:-
(1) That the entire amount in default by the petitioner and his wife shall be paid in three equal monthly instalments. The first instalment shall be paid on or before 10/3/12 and the subsequent instalments shall be paid on or before 10/4/2012 and 10/5/2012.
(2) Such payment shall be made along with the current EMI and costs incurred by the Bank.
(3) In order to make payment as above, coercive action now initiated shall be deferred.
(4) If payment is made as above, the loan in question will be regularised and the petitioner and his wife will be permitted to pay the amount due in terms of the loan agreement.
(5) Needless to say that in the event of default, Bank will be free to continue the recovery proceedings already initiated.