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Judgment
Justice Antony Dominic
An education loan availed of by the petitioner for the studies of his son is in default. Therefore, at the instance of the Bank, recovery proceedings have been initiated. According to the petitioner, a suit filed by the Bank for this purpose is also pending. In this writ petition, what the petitioner prays for is a direction to the Bank to regularise the loan in question. Instructions obtained by the learned standing counsel for the Bank indicates that the total liability due from the petitioner is Rs. 1,74,680/-.
The request of the petitioner for regularisation of the loan in question can be considered only if the petitioner clears the defaulted dues. Therefore, I direct that the petitioner shall clear the defaulted dues of the loan in question in three equal monthly instalments. The first installment shall be paid on or before 15/12/12 and the second and third instalments shall be paid on or before 15th of January and February, 2013. Along with the instalments, the current EMI also shall be paid. It is directed that, if payments are made as above and the defaulted liability is cleared, Bank will regularise the loan in question and allow the petitioner to pay the balance liability in terms of the loan agreement. It is directed that, in the event default is committed, the respondents will be free to continue the recovery proceedings already initiated.
Writ petition is disposed of as above.