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Judgment
Soumen Sen, C.J.
Heard Mr. Joseph T. Koottakkara, learned counsel for the appellant and Ms. S. Lakshmy, learned counsel representing Mr. Jithesh Menon, learned counsel for the respondents.
Learned counsel for the Bank submitted that, as on date, a sum of Rs. 25,50,000/- has become due and payable. However, it has been fairly submitted that at the time of declaration of the account as NPA, the amount due was much less and that as on date, the overdue amount is Rs. 3,97,300/-.
Having considered the nature of the loan and the purpose for which the said loan was availed, we are of the view that, in the event the petitioner pays an amount of Rs. 4,27,000/- within a period of three weeks from today, the Bank shall not put the property to sale or auction. In the event the said amount is paid within the aforesaid period, immediate possession shall be handed over to the petitioner. The Bank shall consider rescheduling the loan account in the event of compliance with this order.
The appeal is accordingly disposed of. The impugned order is set aside, subject to fulfilment of the aforesaid condition.