MEERA SUNIL Vs. SENIOR MANAGER

JUDGEMENT

(1.) THE petitioner availed a loan of Rs.1,00,000/-(Rupees one lakhs) from the 1st respondent Bank for purchasing gold ornaments for her daughter. But before utilizing the said amount for the purpose, the husband of the petitioner was hospitalized for Hepatitis under which circumstances the petitioner was compelled to make use of the amount for treatment and came to be a defaulter. The petitioner is now confronted with the steps under the RR Act at the instance of the respondent Bank.

(2.) LEARNED counsel for the petitioner submits that there is no wilful lapse on the part of the petitioner and that the default occurred was only because of the unforeseen circumstances as aforesaid. It is also stated that the petitioner is ready and willing to clear the entire liability, for which some breathing time is sought for.

(3.) AFTER hearing both the sides, the petitioner is permitted to clear the entire liability by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 30th of this month; to be followed by similar instalments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment as above, it will be open for the respondents to proceed against the petitioner and the assets for realization of the entire amount in lump, from the stage where it stands now. Writ petition is disposed of.