MATHEW GEORGE Vs. SPECIAL SALE OFFICER

JUDGEMENT

(1.) The petitioner availed a loan for b95,00,000/- from the 2 nd respondent Bank, on 23.10.2013, along with one Joseph Mon P.G., who is none other than his son. The 2 nd respondent Bank sanctioned the said loan on the strength of the property owned by the petitioner. When there was default on the part of the petitioner and his son in remitting the monthly instalments, arbitration proceedings were initiated, which culminated in Ext.P1 award dated 04.04.2018 in A.R.C.No.3565 of 2017. Thereafter, the petitioner moved this Court in this writ petition under Article 226 of the Constitution of India, seeking a writ of mandamus commanding the respondents to allow him to remit the due amount under 'one time settlement', in ten equal monthly instalments and to keep in abeyance the operation of Ext.P1, till then.

(2.) On 08.05.2018, when this writ petition came up for admission, this Court admitted the matter on file and issued notice to the respondents by speed post. This Court granted an interim stay of further proceedings pursuant to Ext.P1 for period of one month, on condition that the petitioner pays an amount of b950,000/- to the respondent Bank within ten days.

(3.) On 20.07.2018, when this writ petition came up for consideration, the learned counsel for the 2nd respondent Bank sought time to get instructions as to the present status of the loan account in question.