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Judgment
This writ petition has been filed seeking a direction to the respondent bank to permit the petitioner to repay the outstanding amounts of loan availed
by him from the respondent bank in fifteen monthly installments.
The learned Standing Counsel, on instructions, submits that the amount outstanding as on 05.05.2021 is Rs.4,46,298/-. He also submits that the bank
has already taken physical possession of the mortgaged asset which is 27 cents of land belonging to the petitioner.
Considering the facts and circumstances of the case, I am of the opinion that the petitioner can be granted some installments to clear the liability.
In the result, this writ petition will stand allowed. The petitioner shall pay a sum of Rs.50,000/- (Rupees fifty thousand only) within a period of one
month from today. The petitioner shall pay the balance amount in twelve equal monthly installments commencing from 15.06.2021. If the petitioner
commits default of two consecutive installments, the respondent bank shall free to proceed with the recovery proceedings. On payment of Rs.50,000/-
and 4 of the monthly installments to be paid thereafter, the physical possession of the property in question shall be restored to the petitioner.
The writ petition will stand disposed of accordingly.