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Judgment
The petitioner has approached this Court seeking that a certain credit facility availed of by him from the respondent Bank be directed to be
regularised and that he be permitted to pay off the balance in the loan account as per the terms of sanction.
However, the learned Standing Counsel for the Bank submitted that since the petitioner himself admits that he has not paid the instalments after
May 2019, the account has been classified as a Non Performing Asset (NPA) and that the Bank is not in a position nor willing to regularise the same.
He submitted that the best the Bank can now offer the petitioner is that he pay off the entire outstanding in the loan account, which is Rs.21,05,925/-,
as on 31.12.2020, in not more than ten equal monthly instalments.
On hearing the learned Standing Counsel as afore, the learned counsel for the petitioner submitted that the petitioner will accept this offer and
prayed that the writ petition be ordered on such terms.
In the afore circumstances, I order this writ petition, leaving liberty to the petitioner to pay off the total outstanding in the loan account - which is stated
to Rs.21,05,925/- as on 31.12.2020 - along with all applicable charges and interest, in ten equal monthly instalments, commencing from 26.02.2021.
It goes without saying that if there is any default in making the payment as directed above, the benefit granted under this judgment would stand
vacated and the Bank will be at liberty to recover the entire liability from the petitioner by continuing with the proceedings from the stage it is on this
date.
I make it clear that the directions in this judgment are peremptory in nature and that the petitioner will have to comply with the same meticulously.