SABU V VARGHESE Vs. VIJAYA BANK

JUDGEMENT

(1.) THE petitioner is stated as aggrieved of the Revenue Recovery proceedings initiated at the instance of the respondents 1 to 3 Bank for realizing the amount stated as due under different loan transactions.

(2.) IT is brought on record, that the petitioner availed one loan each from the 1st and 3rd respondent Bank and two loans from the 2nd respondent. The petitioner turned to be a defaulter, having not effected timely repayments as scheduled, which made the respondents Bank to proceed with steps under the relevant provisions of law.

(3.) AFTER hearing both the sides and taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the entire liability towards all the three respondents Bank by way of reasonable installments. Accordingly, the petitioner is directed to clear the entire outstanding liability by way of 'six' equal monthly installments; the first of which shall be effected on before the 30th of August, 2012; to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above to any one among the three respondents Bank, they will be at liberty to proceed with further steps by deploying the machinery under Revenue Recovery Act for realization of the entire amount in lump, from the stage where it stands now.