J U D G M E N T

Petitioners availed a housing loan from Catholic Syrian Bank Limited. It is stated by the petitioners that they could not repay the loan as agreed, and the Bank has consequently initiated proceedings for realization of the balance outstanding in the loan account. The petitioners, in the circumstances, approached this court for a direction to the respondents to permit them to liquidate the liability on a one time basis after affording them the maximum possible concessions.

2. The learned Standing Counsel for the Bank, on instructions, submits that if the petitioners remit a sum of Rs.8.25 lakhs within a reasonable time, the Bank is prepared to accept the same towards full and final settlement of the liability of the petitioners.

3. The learned counsel for the petitioners agrees that the petitioners are prepared to pay the said amount provided that a reasonable time is granted for effecting payment.

Having regard to the facts and circumstances of the case, I deem it appropriate to dispose of the writ petition permitting the petitioners to pay a sum of Rs.8.25 lakhs towards full and final settlement of their liability, of which Rs.6 lakhs shall be paid within two weeks from the date of receipt of a copy of this judgment, and the remaining Rs.2.25 Lakhs shall be paid within three weeks thereafter. Ordered accordingly. It is also directed that the Bank shall return the title deeds and other documents of the petitioners immediately on payment of the said amount.