BEEVI ASURA Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) HEARD counsel for petitioners and standing counsel for respondents.

(2.) PETITIONERS availed loan and committed default leading to coercive steps for recovery. Now the petitioners have undertaken to clear arrears in easy instalments. The loan is said to be covered by adequate security. In the circumstances, writ petition is disposed of granting facility to petitioners to clear the arrears in monthly instalments of Rs.12,500/-, which the petitioners shall pay without default. The first instalment will be paid on or before 31.12.2006 and balance on or before last date of succeeding months, until arrears are cleared. If default is committed by the petitioners in payment of two consecutive instalments, then the instalment facility will stand automatically cancelled and the respondents can continue with securitisation proceedings. Writ petition is disposed of as above.