Court permits repayment of arrears in installments for reclaiming property after debt recovery proceedings.

JUDGMENT

Heard Smt. M.R. Reena, learned counsel for the petitioner as well as Smt. Celia Isaac representing counsel for the respondent and Sri. Arun Ashok Iyyani, learned counsel for the 1^st respondent Society.

2. The petitioner had obtained certain credit facilities from the 1^st respondent Society, and the Society had taken coercive proceedings for realization of the arrears in the credit facility, since the petitioner admittedly was in default with respect to repayment.

3. The learned counsel for the respondent Society states that steps were taken pursuant to the sale notice of Ext.P1, and the property is already purchased in the name of the 1^st respondent Society. The learned counsel for the petitioner states that an opportunity may be granted to the petitioner to clear the entire arrears in instalments, in which, the petitioner can request the Society for transferring the property back to his name.

4. Having considered the submissions made as above, as well as taking into account the fact that the property has been purchased in the name of the Society and not sold to a third party, I am of the opinion that the prayer made as above can be considered.

5. The learned counsel for the Society states that the entire arrears, as on date, are required to be cleared for considering the request made as above. She would also add that reasonable instalments may be extended for clearing the arrears as well.

In view of the afore, this writ petition would stand disposed of, permitting the petitioner to collect the details of the arrears as on date and to clear the same in twelve monthly instalments commencing from 20.03.2026. Upon clearing the arrears as above, the 1^st respondent Society to transfer the property purchased as above in the name of the petitioner. It is made clear that the expenses required for such transfer to be borne by the petitioner herein.

Sd/-