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Judgment
3 paragraphs · 177 wordsT.R. Ravi, J.
The prayer in the writ petition is to permit the petitioner to pay off the overdue amounts in the loan account availed from the respondents in easy instalments and to regularise the loan account. The Standing Counsel on instructions submits that the overdue amount is Rs.3,76,119/-.
In the above circumstances, the writ petition is disposed of directing the petitioner to pay off the overdue amount of Rs.3,76,119/- in 8 equal monthly instalments, the first instalment falling due on or before 16.03.2023 and the subsequent instalments falling due on or before the 16th of the succeeding months. The petitioner shall also pay the regular monthly instalments along with the instalments towards the overdue amount as stated above. If the petitioner pays the entire overdue amount, the respondents shall regularise the loan account. If the petitioner makes two consecutive defaults in the payment of instalments, the respondents will be at liberty to continue with coercive steps for recovery. The coercive steps initiated shall be kept in abeyance to facilitate the payment of instalments as directed above.