The court emphasized the importance of fair opportunities for debtors to settle liabilities while balancing creditor rights.

JUDGMENT

The petitioners have approached this Court with the following prayers :

“i. An appropriate writ or order directing the respondents to grant 3 months time to the petitioners to remit the entire loan amount as one time settlement and to extend them the benefits of one-time settlement by waiving the interest, penal interest etc.

ii. Directing the respondents to permit the petitioners to have the private sale of security properties.

iii. To stay all recovery proceedings towards the realization of the loan availed by the 1st petitioner form the 1st respondent under the loan accounts Nos. 6779001B00000311 & 6679001A00000145 including the proceedings in MC No. 1017/2014 pending before the Chief Judicial Magistrate Court, Thiruvananthapuram &

iv. Such other reliefs as this Hon'ble court deems fit and proper in the nature and circumstances of the case.

2. The learned counsel for the petitioners submits that entire business fell in doldrums and it was in the said circumstances that the liability could not be satisfied. It is further stated that alternate arrangements are already made to cause the property to be sold by way of 'private sale' and that the entire liability will be cleared, at the earliest, any rate within three months.

3. The learned standing counsel for the respondent Bank submits that the petitioner had approached this Court earlier by filing W.P.(C) No. 17818 of 2014, when the question of regularization was ruled out, however permitting the petitioner to satisfy the entire outstanding liability by way of installments. But the said opportunity was not properly utilized or availed by the petitioner and this being the position, there is absolutely no merit in the writ petition, submits the learned standing counsel for the respondent Bank. The learned counsel further points out that since the petitioner is ready to wipe off the entire liability by way of 'three' equal monthly installments to be effected from January onwards, the petitioner can be accommodated to the said extent.

4. On the basis of the grace, fairness and concession shown by the respondent Bank, the petitioner is set at liberty to satisfy the entire liability by way of 'three' equal monthly installments; the first of which shall be effected on or before the 31st of January, 2015; followed by similar installments to be effected on or before the last working day of the succeeding months. Subject to this, all coercive proceedings shall be kept in abeyance. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.

The writ petition is disposed of as above.