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Judgment
Sathish Ninan, J
Petitioner is faced with recovery proceedings in respect of a defaulted loan. Approximately 14 lakhs is due to the Bank. Petitioner seeks for installment facility to wipe off the debt.
I have heard learned counsel on either side.
On 22.12.2022, this Court passed an interim order directing the petitioner to pay an amount of Rs.1,50,000/-within one month from the date of the order. The direction is reported to have been complied with.
Considering the total amount payable and also taking note of the fact that the petitioner has complied with the interim direction issued by this Court, I am of the opinion that a reasonable installment facility can be given to the petitioner to wipe of the debt.
Resultantly, the writ petition is disposed of permitting the petitioner to pay off the entire debts due to the Bank, inclusive of interest and costs, in fifteen equal monthly installments commencing from 30.10.2023. It is made clear that, in case of default in payment of a single installment, the petitioner will lose the benefit granted under this judgment and further proceedings for recovery can go on.