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Judgment
Petitioner availed a loan from the respondent Bank.
Even according to the petitioner, repayment was
irregular, consequent to which Bank has initiated
action, resorting to the provisions of the SARFAESI Act .
Anyhow, the proceedings have reached a stage where
petitioner is issued with a notice by the Advocate
Commissioner as per the orders of the Chief Judicial
Magistrate Court, Manjeri in C.M.P. No.3994/2015. It
is thus seeking appropriate directions, this writ petition
is filed.
Heard learned Counsel for the petitioner and
learned Standing Counsel for the respondent.
Learned Counsel for the petitioner reiterated
the contentions raised in the writ petition and sought
indulgence of this Court permitting the petitioner to
repay the outstanding amount in twelve equated
monthly instalments. Learned Standing Counsel for the
Bank submitted that an amount of Rs.2,08,330/- is
remaining outstanding against the petitioner and
opposed the twelve equated monthly instalments sought
for by the petitioner.
Taking note of the respective submissions,
petitioner is permitted to pay the outstanding amount in
ten equated monthly instalments, starting from
05.05.2017 and on the corresponding date of the
succeeding months. Needless to say, if any of the
instalments is defaulted, Bank would be at liberty to
proceed to recover the amount in lump.
Writ petition is disposed of accordingly.