Court permits repayment in installments while staying coercive actions during repayment period.

JUDGMENT

This writ petition has been filed challenging the recovery proceedings initiated by the respondent bank to recover amounts due under credit facilities availed by the petitioners from the respondent bank.

2. Learned counsel appearing for the respondent bank submits that the sale of the mortgaged property is scheduled to be held today. It is submitted that, as of now, there are no bidders for the property and the sale is proposed to be rescheduled to day after tomorrow (28.02.2026). It is submitted that if the petitioners pay substantial amounts towards the loan liability within a period of two weeks from today, the petitioners can be permitted to pay the balance amount in ten equal monthly instalments. It is submitted that if the petitioners fail to remit any one of the instalments as permitted by this Court, the bank may be permitted to bring the property to sale again on the basis of the same sale notification. It is submitted that the outstanding amount, as on 26.02.2026, is Rs.14,92,346/-.

3. Learned counsel appearing for the petitioners has no objection to the course of action suggested by the learned counsel appearing for the respondent bank.

4. Having regard to the facts and circumstances of the case and the submissions made as recorded above, I am of the view that the petitioners can be granted an opportunity to repay the outstanding amount in twelve instalments provided a substantial amount is paid within two weeks from today.

5. Accordingly, there will be a direction to the respondent bank to accept repayment of the entire outstanding amount of Rs.14,92,346/- along with accrued interest, costs and bank charges from the petitioners in the following manner:

(i) Petitioners shall pay a sum of Rs.1,50,000/- (Rupees One Lakh and Fifty Thousand only) on or before

12.03.2026;

(ii) The balance outstanding amount of Rs.13,42,346/-

shall be repaid in twelve (12) equated monthly instalments along with any accrued interest, costs and charges;

(iii) The first instalment shall be paid on or before

13.04.2026 and the subsequent instalments shall be paid on or before the 14^th day of the succeeding months;

(iv) In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with the law;

(v) In order to enable the petitioners to repay the entire amounts as above, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-