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Judgment
The petitioner is aggrieved with the possession
taken of the vehicle which he had purchased with the
finance from the respondent Bank.
The learned Counsel for the respondent Bank
submits that the stage carriage bearing registration
No.KL-13-S-2383 was purchased with the finance
availed of Rs.5,20,000/-. The loan was to be settled in
twenty four monthly instalments, starting from
15.07.2016. The total amounts to be paid on regular
instalments was Rs.6,23,680/-. But for the first
instalment due on 15.07.2016, no other instalments
were paid. The loan was declared as a Non Performing
Asset (NPA) and the total amount due is Rs.6,06,935/-.
As of now there are only six instalments due in the loan
account. The arrears would also come to Rs.2,60,831/-.
It is also to be noticed that by an interim order, this
Court had directed that no proceedings would be taken
for a period of two weeks on payment of Rs.50,000/-.
The interim order has not been complied with.
Considering the fact that only six months
remain for the repayment period to get over, the
petitioner would be entitled to settle the balance
arrears, as on date being Rs.6,32,411/-, in six monthly
instalments with servicing of interest done in every
three months, when the interest gets accrued to the
account. The first instalment shall be on 29.04.2017
and continued on the 29th of the successive months.
The petitioner would be granted possession of the
vehicle on payment of the arrears, i.e. Rs.2,60,831/-, in
a lump sum or in instalments as directed herein below.
If, after resumption, any further default is committed,
then the petitioner would surrender the vehicle without
demur to the respondent Bank.
The writ petition is disposed of.