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Judgment
11 paragraphs · 248 wordsSathish Ninan, J
Repayment of the credit facility availed by the petitioner from the respondent Bank was defaulted. Recovery proceedings have been initiated by the Bank. The petitioner seeks for regularisation of the loan.
Heard the learned counsel for the petitioner and Sri.T.N.Manoj the learned standing counsel for the Bank. I have also perused the statement filed by the Bank.
The learned counsel for the petitioner projects grave financial difficulties faced by the petitioner and prays for an easy instalment facility for regualrisation. The request is stoutly opposed by the learned standing counsel for the Bank.
Considering the financial constraints pointed out by the petitioner, the fact that further term is available for the loan, and also the quantum of the overdue amount, I am of the opinion that a facility for regularisation can be granted.
Accordingly, the writ petition is disposed of with the following directions:
1) Petitioner shall pay an amount of Rs.50,000/- on or before 31.03.2022, towards the amounts required for regularisation of the account.
2) The balance amount required for regularisation, including interest and costs, shall be paid in twenty equal monthly instalments commencing from 20.04.2022.
3) The subsequent instalments shall be payable on or before the 20th day of the succeeding months.
4) The instalments as above shall be in addition to the regular EMIs payable in the loan accounts.
5) In case of default of a single instalment, the petitioner will lose the benefit granted under this judgment.