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Judgment
V.G.Arun, J
The petitioner availed three loans from the respondent Bank on 26.2.2016. The repayment to be effected in monthly instalments was defaulted.
Thereupon, the petitioner was issued with Exhibits P1 and P2 notices, proposing to sell the mortgaged property. The writ petition is filed seeking a
direction to the respondent Bank to permit remittance of the overdue amount along with the regular monthly instalments. By order dated 26.3.2021,
this Court stayed the recovery proceedings, subject to the petitioner depositing an amount of Rs.1,00,000/- on or before 18.3.2021. The said direction
was complied with and the petitioner was directed to deposit a further sum of Rs.1,00,000/- on or before 1.6.2021.
Learned counsel for the respondent Bank fairly submitted that the loan accounts will be regularised, if the petitioner pays off the entire overdue
amount of Rs.4,27,700/- in 12 equal monthly instalments along with the regular EMI. The suggestion is accepted by the learned counsel for the
petitioner.
Accordingly, the writ petition is disposed of permitting the petitioner to pay off the overdue amount of Rs.4,27,700/-in 12 equal monthly instalments. If
the petitioner defaults in paying any one of the instalments, either towards the overdue amount or the regular EMI, the benefit granted under this
judgment will stand withdrawn. If the direction is complied with, the respondent shall regularise the loan accounts. Pending such payment, recovery
proceedings pursuant to Exhibits P1 and P2 shall be kept in abeyance.