The petitioner availed financial assistance to the tune of Rupees Ten lakhs from the respondent on 14.01.2010, on the strength of security interest created over the property in question. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on 30.11.2014 is nearly Rs.9,95,316/- (Rupees Nine lakh ninety five thousand three hundred and sixteen only)+ interest.
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that the prayer is only to enable the petitioner to clear the entire liability by way of reasonable instalments.
4. After hearing both the sides, the petitioner is directed to satisfy the entire 'outstanding' liability by way of 'six' equal monthly instalments, the first of it shall be effected on or
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before the 20th of December, 2014, followed by similar installments, to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above, it will be open for the respondent to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-P.R.RAMACHANDRA MENON, Judge lsn