SHIJO VARGHESE, vs PNB HOUSING FINANCIAL LTD.,

The petitioner is aggrieved with the recovery

proceedings initiated against the petitioner. The

petitioner was directed, by order dated 19.01.2017, to

pay Rs.50,000/- within two weeks.

The learned Counsel for the respondent Bank

submits that the same has not been paid. However, the

learned Counsel appearing for the petitioner submits

that the petitioner approached the Bank with the

amount and the same was refused to be accepted and,

hence, the petitioner has taken a Demand Draft and

sent it by registered post to the Bank. The petitioner

also produces the copies of the Demand Draft and the

registered acknowledgment due card across the Bar.

The learned Counsel for the respondent Bank

submits, on instructions, that about Rs.3,00,000/- is due

to the respondent Bank and if Rs.50,000/- has been

received, then, the balance defaulted arrears would be

Rs.2,50,000/-.

Considering the facts of the case and the

alleged impecunious circumstances of the petitioner,

this writ petition is disposed of on the following terms.

(i) The respondent shall grant ten monthly

instalments for the payment of the defaulted arrears of

Rs.2,50,000/-, starting from 06.03.2017, which shall be

paid along with the regular EMIs, on the due dates.

(ii) Recovery proceedings shall be kept in

abeyance on condition that the remittances as per this

order are made without any default.

(iii) On the petitioner committing two defaults in

repaying either the instalments or the regular EMIs, the

recovery steps initiated shall revive and continue.

(iv) The respondent shall issue a statement of the

future interest accrued on the defaulted 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 11th instalment.

(v) On the petitioner satisfying the entire arrears,

the recovery proceedings shall be unenforceable.

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.