A structured repayment plan can be implemented to facilitate the settlement of loan dues, provided it aligns with legal provisions and stakeholder interests.

JUDGMENT

The petitioner, who availed two mortgage loans from the 1st respondent Co-operative Bank, in the year 2012, vide loan account Nos.MDS 32 ADV-8 and MDS 32 ADV-9, after mortgaging his property having an extent of 0.364 Hectares (8.990 cents) of land comprised in Survey No.1170/2 of Thekkumkara Village in Poomala Desom, has filed this writ petition under Article 226 of the Constitution of India , seeking a writ of certiorari to quash Ext.P1 sale notice dated 01.03.2018 issued by the 2nd respondent Special Sale Officer and seeking a writ of mandamus commanding the 2nd respondent to issue a certified copy of the award in the arbitration cases, pertaining to the loan accounts in question.

2. On 03.04.2018, when this writ petition came up for admission, notice was ordered to the respondents by speed post.

3. On 30.07.2018, when this writ petition was taken up for further consideration, it was submitted by the learned counsel for the 1st respondent Bank that, in respect of loan account Nos.MDS 32 ADV-8 and MDS 32 ADV-9, the liability of the petitioner comes to Rs.8,34,676/- and 11,91,676/- respectively. After recording the said submission, the writ petition was ordered to be listed today for further consideration.

4. Heard the learned counsel for the petitioner and also the learned counsel for the 1st respondent Bank. Despite service of notice, none appears for the 2nd respondent Special Sale Officer.

5. The learned counsel for the petitioner would submit that the petitioner is prepared to pay off the entire dues in respect of the loan transactions in question, together with future interest in monthly instalments, for which he requires a reasonable time.

6. The learned counsel for the 1st respondent Bank, on instructions, would submit that the total liability as on

28.02.2018, in respect of the aforesaid loan transactions comes to Rs.20,26,352/- (Rs.8,34,676 + Rs.11,91,676) and that, if the petitioner is prepared to pay off the entire dues together with future interest, in monthly instalments, the 1st respondent Bank has no objection in this Court granting a reasonable opportunity to the petitioner for effecting such repayment.

Having considered the submission made by the learned counsel on both sides, this writ petition is disposed of with the following directions;

i) The petitioner shall pay off the entire dues in respect of the loan transactions referred to in Ext.P1 sale notice, amounting to Rs.20,26,352/-, together with future interest from 28.02.2018, in 8 equal monthly instalments, commencing from 13.08.2018 and the subsequent instalments payable on or before the 13th day of the succeeding months.

(ii) If the petitioner is remitting the aforesaid instalments in time, without any default, all recovery proceedings pursuant to Ext.P1 sale notice shall be kept in abeyance, so as to enable the petitioner to pay off the entire dues, as above.

(iii) In case of any default committed by the petitioner in remitting any one of the aforesaid instalments, it would be open to respondents 1 and 2 to proceed further with the coercive steps initiated against the petitioner.