Justice P.R. Ramachandra Menon
APPENDIX
PETITIONER''S EXHIBITS:-
EXT.P1 Copy of the representation Dated 30/05/2012
EXT.P2 Copy of the notice issued by the advocate commissioner dated
09/06/2012
RESPONDENT''S NIL
EXHIBITS:-
1. The petitioner availed a loan of Rs. 1 lakh from the respondent Bank creating security interest over the property in question. But the repayment
could not be effected on time as scheduled, due to various adverse circumstances including the tragic death of the petitioner''s daughter, who was
studying in the 7th standard because of a snake bite, when she was sleeping. It is also stated that, despite all such adverse circumstances, earnest
efforts are being taken by the petitioner to wipe off the liability, for which some breathing time is sought for.Learned counsel for the respondent
Bank submits, on instructions, that the balance amount payable under the loan transaction comes to Rs. 1,20,111/- as on 18/06/2012.
2. Considering the submission made by the learned counsel for the petitioner that, the petitioner does not intend to challenge the liability, but
confining the relief only to clear the amount by way of reasonable instalments, with a prayer to direct the Bank to give possible deductions/
concessions, this Court finds that the matter could be disposed of by directing the petitioner to satisfy the liability by way of some instalments.
Accordingly, the petitioner is permitted to clear the entire liability by way of ''eight'' equal monthly instalments, the first of which shall be effected on
or before the 10th of August 2012. It will be followed by similar instalments to be effected on or before the 10th of succeeding months. Subject to
this, the recovery proceedings shall be kept in abeyance for the time being. If the petitioner commits any default in remitting the amounts as above,
the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing appropriate
steps, from the stage where it stands now.
The respondent Bank is directed to consider Ext.P1 with regard to the prayer for concessions/deductions to the possible/permissible extent and
the decision shall be let known to the petitioner, as expeditiously as possible, at any rate within one month from the date of receipt of a copy of this
judgment. The liability to satisfy the due amount under the loan transaction will depend upon the outcome of the decision to be taken by the Bank
on Ext.P1. The benefit, if at all any, shall be given or set off against the concluding instalments to be effected in the due course as above.
Writ petition is disposed of as above.