AI Structured Summary
Not yet generated for this judgment
No AI summary yet
Generate an eight-section analysis of this judgment — facts, issues, reasoning, ratio and a plain-language gist.
Judgment
3 paragraphs · 248 wordsT.R. Ravi, J
The prayer in the writ petition is to permit the petitioners to pay off the overdue amounts in the loan account availed from the respondents in easy instalments and to regularise the loan account. The Standing Counsel on instructions submits that the overdue amount is Rs.5,50,210/-
In the above circumstances, the writ petition is disposed of directing the petitioners to pay off the overdue amount of Rs.5,50,210/- in 10 equal monthly instalments, the first instalment falling due on or before 01.03.2023 and the subsequent instalments falling due on or before the 1st of the succeeding months. The petitioners shall also pay the regular monthly instalments along with the instalments towards the overdue amount as stated above. If the petitioners pay the entire overdue amount, the respondents shall regularise the loan account. If the petitioners make a single default in the payment of instalments, the respondents will be at liberty to continue with coercive steps for recovery. The coercive steps initiated shall be kept in abeyance to facilitate the payment of instalments as directed above. It is submitted by the Counsel for the respondents that M.C has been closed and the last date fixed for the possession by the Chief Judicial Magistrate, Thrissur is tomorrow. In such circumstances, there will be a direction to the Chief Judicial Magistrate, Thrissur to re-open the M.C.No.262/2022 in case the petitioners commits a default in payment of instalments as directed in the judgment and the Bank moves for taking possession.