Munigangappa M vs Bharat Co-Operative Bank Ltd., Registered Under Co-Operative Societies Act, Represented By Its Authorized Officer Manager, No.30, 15th Cross, 3rd Block, Jayanagar, Bangalore - 560011

Krishna S Dixit, J

The challenge is to the coercive proceedings of loan recovery. Some reprieve was granted by this Court vide order dated 17.07.2023 and it was continued later arguably with some modification.

Both the counsel appearing for the parties after arguing the matter for some time fairly submit that some arrangement for granting reprieve by way of regularization of the bank account in question can be considered in accordance with extant policy of RBI guidelines. In fact, the learned panel counsel appearing for the Bank standing tall & fair submits that if the requisite amount is paid, the account in question can be regularized, provided that the Court prescribes a specific time line for making such payment. With this proposal, the learned counsel for the borrowers is also agreeable. Therefore, nothing more survives for consideration.

In the above circumstances, this Writ petition is disposed off, requesting the respondent-Bank to regularize the account in question as is undertaken before this Court, should the petitioners make payment of the requisite sum in that connection within a period of six weeks; half of that being paid in the first three weeks and the remainder in the weeks next following, failing which the coercive proceedings shall stand revived and the Respondent-bank can take all action for the recovery of outstanding debts.

Ordered accordingly.