FRANCIS v. THE AUTHORIZED OFFICER

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

The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan accounts 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 respondents.

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 remit an amount of ₹ 50,000/- within a period of one month and the balance overdue amount in subsequent consecutive 12 equal monthly instalments W.P.(C) No.18757 of 2024 : 6 : thereafter, along with accruing interest and other administrative charges, if any. (i) 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. (ii) The petitioner shall also pay current EMIs along with the aforesaid payments. (iii) 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.18757 of 2024 : 7 : APPENDIX OF WP(C) 18757/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 Exhibit P3 Exhibit P4 TRUE COPY ACCOUNT STATEMENT OF THE PETITIONER'S LOAN ACCOUNT HAVING ACCOUNT NO. 1551860001177. TRUE COPY ACCOUNT STATEMENT OF THE PETITIONER'S LOAN ACCOUNT HAVING ACCOUNT NO. 1551860001304. TRUE COPY OF THE NOTICE DATED 13/6/2023 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER. TRUE COPY OF THE POSSESSION NOTICE DATED 15/12/2023 ISSUED BY THE 1ST RESPONDENT.