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Judgment
The petitioner is aggrieved with the recovery
proceedings taken against the petitioner''s property.
Admittedly, a mortgage was created and a loan was
availed.
The learned Standing Counsel for the
respondent Bank submits that the period of loan has
expired on 20.01.2017. The loan was availed in the
year 2013 and consistently default was committed in
the loan account. At an earlier occasion, when the Bank
had proceeded against the property, the petitioner had
approached this Court with a writ petition, in which
Ext.P2 judgment was passed. The defaulted arrears
were allowed to be remitted in four equal and
successive monthly instalments along with the regular
EMI. The petitioner did not comply with the order and
paid only half the defaulted arrears. The Bank also
submits that the property is intended to be taken over
tomorrow, i.e, on 07.03.2017.
Only on the undertaking of the petitioner that
Rs.3 lakhs will be paid by tomorrow; if the same is paid
by 11 a.m. tomorrow, the possession proceedings shall
be kept in abeyance. The petitioner also undertakes to
pay the balance amounts in instalments.
Considering the impecunious circumstance of
the petitioner, this writ petition is disposed of on the
following terms.
(i) The total arrears is said to be Rs.23,69,990/-.
(ii) The petitioner shall pay Rs.3 lakhs before
11.00 a.m. on 07.03.2017.
(iii) The respondent shall grant twelve monthly
instalments for the payment of the balance arrears of
Rs.20,69,990/-, starting from 07.04.2017, and continued
on the 7th of successive months.
(iv) Recovery proceedings shall be kept in
abeyance on condition that the remittances as per this
order are made without any default.
(v) On the petitioner making one default in
repaying the instalments, the recovery steps initiated
shall revive and continue and the petitioner would
surrender the property without demur.
(vi) The respondent shall issue a statement of the
future interest accrued, if any, on the arrears every
three months and the same shall be paid along with the
next month''s instalment, as granted by this Court, and
after satisfaction of the arrears, as the 13th instalment.
(vii) On the petitioner satisfying the entire
arrears, the recovery proceedings shall be
unenforceable.
The Writ Petition is disposed of as above, making it
clear that the respondent will be free to proceed with
the recovery if the above conditions are not complied
with.