LAILA BEEVI Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) THE petitioner is the guarantor to a loan availed by her husband from the respondent-Bank's Branch at Kayamkulam for the construction of a multi-storied building, viz; 'Thaj Tower' consisting of seven floors. The loan was secured by mortgage of immovable property. Presently, the petitioner is seeking for a facility to pay the overdue amount in instalments.

(2.) THE learned Standing Counsel for the Bank submitted that the petitioner has been asked to remit an amount of Rs.34.12 lakhs so as to regularise the overdue amount. 15 days' time has been granted for the same also, it is submitted.

(3.) HAVING regard to the various aspects pointed out by the petitioner and the learned counsel for the Bank, the petitioner will remit the overdue amount of Rs.34.12 lakhs in three equal monthly instalments, starting from 15.11.2012. The first instalment will be paid on or before 15.11.2012 and the remaining instalments will be paid by the 15th of every succeeding months. The regular instalments also will be paid along with the same. If the petitioner commits default of the payments as directed above, it is open to the bank to initiate appropriate action.