THOMAS VARKEY v. CANARA BANK

I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the Bank.

The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan account initially. The default in repayment of the loan accounts occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the Bank.

In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.

The writ petition is therefore disposed of with the following directions: (i) The petitioner shall outstanding amount of 55,500/- towards ₹ Cash Credit facility within a period of one month. W.P.(C) No.4563 of 2024 : 6 : (ii) The petitioner shall remit the overdue amount of 1,93,024/- towards Housing ₹ Loan in subsequent consecutive eight equal monthly instalments thereafter, along with accruing interest and other Bank charges, if any. (iii) If the petitioner commits single default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iv) The petitioner shall also pay current EMIs towards Housing Loan along with the aforesaid payments. (v) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.4563 of 2024 : 7 : APPENDIX OF WP(C) 4563/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 TRUE COPY OF THE DEMAND NOTICE DATED 03.11.2023. TRUE COPY OF THE POSSESSION NOTICE DATED 08.01.2024.