BY AD v. K.V.ANIL KUMAR

said writ petition was disposed of as per Ext.P4 judgment.

7. The Standing Counsel, however, submitted that if the petitioners are ready and willing to make a substantial payment soon and remit the balance overdue amount immediately thereafter, a short breathing time can be granted to the petitioners to clear the dues. The Standing Counsel submitted that the outstanding amount due to the Bank from the petitioners is about ₹25 lakhs and the overdue amount as on 04.01.2024 is ₹2,21,410/-.

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

9. The specific case of the petitioners is that the petitioners have been making the repayment and maintaining the loan accounts initially. The default in repayment occurred lately due to reasons beyond the control of the petitioners. The petitioners have provided substantial security which will W.P.(C) No.43316 of 2023 :7: safeguard the interest of the Bank.

10. 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.

11. The writ petition is therefore disposed of with the following directions: (i) The petitioners shall remit the overdue amount of ₹2,21,410/- in five equal consecutive monthly instalments along with accruing interest and other Bank charges, if any. The first instalment shall be paid on or before

05.02.2024. (ii) If the petitioners commit default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioners W.P.(C) No.43316 of 2023 :8: accordance with law. (iii) The petitioners shall also pay current EMIs along with the aforesaid payments. (iv) If the petitioners make payments as directed above, coercive proceedings, if any, against the petitioners shall stand deferred. Sd/- JUDGE N. NAGARESH W.P.(C) No.43316 of 2023 :9: APPENDIX OF WP(C) 43316/2023 PETITIONER EXHIBITS Exhibit-P1 Exhibit-P2 Exhibit-P3 Exhibit-P4 Exhibit-P5 A TRUE COPY OF THE STATEMENT OF ACCOUNT OF RESIDENT HOME EQUITY LOAN FROM 01.04.2021 TO 20.02.2023 OF THE PETITIONERS A TRUE COPY OF THE STATEMENT OF ACCOUNT OF INSURANCE PREMIUM FUNDING ON EQUITY LOAN FROM 01.04.2021 TO 20.02.2023 OF THE PETITIONERS A TRUE COPY OF THE STATEMENT OF ACCOUNT OF RESIDENT HOME LOAN FROM 01.04.2021 TO 20.02.2023 OF THE PETITIONERS A TRUE COPY OF THE JUDGMENT DATED 10.03.2023 IN W.P.(C) NO. 8436 / 2023 A TRUE COPY OF THE NOTICE DATED 15.12.2023 OF THE ADVOCATE COMMISSIONER IN MC NO. 383 / 2022 OF THE CHIEF JUDICIAL COURT, PATHANAMTHITTA MAGISTRATE