BIBIN P.VARKEY Vs. BRANCH MANAGER

JUDGEMENT

(1.) Petitioner, who has availed a term loan of Rs.24,60,000/- from the Canara Bank (the Bank), has not remitted the instalments of the loan as agreed.

(2.) Heard the learned counsel for the petitioner as also the learned counsel for the Bank.

(3.) When the matter was taken up, the learned counsel for the petitioner pointed out that non-payment of the instalments of the loan by the petitioner was due to reasons beyond his control and not wilful and that if a reasonable time is granted, the petitioner is prepared to liquidate the overdue in the loan account. In other words, submission of the learned counsel for the petitioner was only for indulgence of this Court to permit the petitioner to pay the overdue in the loan account in convenient instalments.