The petitioner is aggrieved by the recovery proceedings against the property of the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for short SARFAESI Act). Against the proceedings initiated earlier, the petitioner was before this Court for regularisation of the loan account by filing W.P (C) No.28365/2013. The said writ petition was disposed of by Ext.P1, wherein a learned Single Judge of this Court granted installments to clear off the arrears and directing coercive steps to be kept in abeyance till the arrears are paid off, to enable the petitioner to get the loan account regularised and pay the amounts as per the original agreement. Admittedly, the petitioner has not complied with the directions. 2. Though the learned counsel for the petitioner submits that substantial payments were made towards the arrears, the learned Standing Counsel appearing for the respondent Bank submits that the arrears in any way was not WPC.No.12618/2014 : 2 :
satisfied as per the directions of this Court.
3. In such circumstance, there cannot be any equity insofar as granting the petitioner further opportunity to regularise the loan account. However, if the petitioner pays off the entire dues in six installments, the petitioner could save the property in which the petitioner is said to be residing. In such circumstance, there shall be a direction to the respondent Bank to issue a statement of account within two weeks of production of a certified copy of this judgment, computing the arrears as on 15.06.2014 and the same shall be settled in six monthly installments starting from 28.06.2014 and on the 28th of every succeeding month. On the amounts as stated in the statement being satisfied, the respondent Bank shall issue a statement showing future interest from 15.06.2014 and that shall be satisfied on the 28th of the succeeding month. The recovery proceedings shall revive and continue if two consecutive defaults are committed. If conditions are complied with, necessarily, proceedings shall be concluded.
Writ petition disposed of as above.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge