JAIMON JOSEPH v. PEOPLES URBAN CO OPERATIVE BANK LTD 51

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

The specific case of the petitioners is that the petitioners have been making the repayment and maintaining W.P.(C) No.7290 of 2024 : 5 : the loan accounts initially. The default in repayment of the loan accounts occurred lately due to reasons beyond the control of the petitioners. The petitioners have 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 petitioners to clear off the liability.

The writ petition is therefore disposed of with the following directions: (i) The petitioners shall remit an amount of ₹ 6 lakhs on or before 15.03.2024 and balance outstanding amount of Overdraft facility and overdue amount of Mortgage Loan (24,32,971+1,86,089) subsequent consecutive 12 equal monthly instalments thereafter, along with accruing interest and other Bank charges, if any. (ii) If the petitioners commit single default in making payments as directed above, the W.P.(C) No.7290 of 2024 : 6 : respondent will be at liberty to continue with coercive proceedings against the petitioners in accordance with law. (iii) The petitioners shall also pay current EMIs of Mortgage Loan along with the aforesaid payments. (iv) If the petitioners pay the instalments as directed above, any coercive proceedings against the petitioners shall stand deferred. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.7290 of 2024 : 7 : APPENDIX OF WP(C) 7290/2024 PETITIONERS’ EXHIBIT Exhibit P1 TRUE COPY OF THE SALE NOTICE PUBLISHED IN THE HINDU DAILY DATED 14.02.2024 ALONG WITH THE TYPED COPY OF THE RELEVANT PART OF THE EXHIBIT.