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Judgment
Sathish Ninan, J.
The petitioner availed overdraft facility from the respondent Bank. Consequent on the default in repayment, the Bank initiated arbitration proceedings in ARC 2790/2019 in which an award was passed. Seeking execution of the award, the Bank filed EP 174/2021. The execution proceedings are pending. The petitioner has approached this Court seeking the benefit of the Navakeraleeyam One Time Settlement Scheme.
The learned Standing Counsel for the Bank points out that the said scheme is not applicable to overdraft facilities. Faced with the same, the learned counsel for the petitioner seeks for an instalment facility to wipe off the debt.
Considering the quantum of the amount involved and also the financial constraints pointed out by the petitioner, I am of the opinion that a reasonable instalment facility can be afforded.
Accordingly, the writ petition is disposed of permitting the petitioner to pay off the entire debt due to the Bank, inclusive of interests and costs, in ten equal monthly instalments commencing from 25.04.2022. The subsequent instalments shall be payable on or before the 20th day of the succeeding months. In case of default in payment of a single instalment, the petitioner will lose the benefit granted under this judgment and further proceedings for recovery can go on.