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Judgment
Sathish Ninan, J
The petitioners availed a vehicle loan and a mortgage loan from the respondent Bank. Since repayment was defaulted they initiated recovery steps
which is presently at the stage of sale of the mortgaged properties. The petitioner is not able to have the permit for the vehicle renewed for non-
issuance of NOC by the Bank. The petitioners are in severe financial constraints and if the vehicle could be plied and some time is granted to effect
private sale of a portion of the property the entire liability could be settled, is the plea of the petitioners.
Heard the learned counsel for the petitioners and the learned standing counsel for the Bank.
I am of the opinion that some leniency could be extended to the petitioners provided they exhibit their genuineness by paying a portion of the debt.
Accordingly the writ petition is disposed of with the following directions:-
i) The petitioners shall pay an amount of Rs.1 lakh (Rupees One lakh only) within a period of one month from today, towards the total debt.
ii) On such payment the Bank shall issue NOC for renewal of permit of the vehicle.
iii) Along with such payment the petitioners may make a request to the Bank seeking permission for sale of a portion of the mortgage property by private sale.
iv) The steps for sale shall be taken by the petitioners with due involvement of the Bank.
v) Let the proceedings as above be completed within a period of eight months from today.