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Judgment
Murali Purushothaman, J.
Petitioners had availed loans of Rs.17 lakhs and Rs.15 lakhs from the 2nd respondent Bank for agricultural purposes. It is submitted that they could not repay the loans and accordingly, Exts.P1 & P2 arbitration awards were passed against them. In execution of the award, Exts.P5 & P6 sale proclamations were also issued. It was at this juncture, that the petitioners have approached this Court for a direction to permit them to pay the outstanding loan amount by way of 20 equated monthly instalments.
When the writ petition came up for admission on 21.03.2023, this Court passed an order staying further proceedings pursuant to Exts.P5 & P6 on condition that the petitioners remit a sum of Rs.2.5 lakhs towards the loan liability. The learned counsel for the petitioners submits that the said order has already been complied with.
When the writ petition came up for further consideration today, the learned counsel appearing for the respondent Bank submits on instructions that if the petitioners pay the outstanding loan amount in 10 equated monthly instalments, the loan accounts can be settled.
Heard the learned counsel for the petitioners and the learned counsel appearing for the Bank and the learned Government Pleader.
In the facts and circumstances of the case, the writ petition is disposed of with the following directions:
(i) Petitioners shall pay the outstanding loan amount in 10 equated monthly instalments along with any accrued interest/costs.;
(ii) The first instalment shall be paid on or before 01.08.2023 and the subsequent instalments shall be paid on or before the 10th day of the succeeding months;
(iii) In the event of default of any instalment, the 2nd respondent Bank shall be entitled to proceed in accordance with law;
(iv) In order to enable the petitioners to repay the entire outstanding amounts, all coercive proceedings pursuant to Exts.P5 & P6 shall be kept in abeyance.