The petitioner availed a cash credit facility to the tune of Rupees Three lakhs and a term loan of Rupees Five lakhs from the respondent Bank in the year 2012, 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 date is nearly Rs.9,50,000/ (Rupees Nine lakhs fifty thousand only).
3. The learned counsel for the petitioner submits that the relief sought for will stand confined to granting some breathing time to clear the entire liability by way of reasonable instalments.
4. In view of the limited extent of relief sought for, this Court does not find it necessary to adjudicate the issue on merits. The petitioner is directed to satisfy the entire amount by way of W.P.(C) No.29918 of 2014 2 'ten' monthly instalments. The initial nine instalments shall be at the rate of Rupees 'One lakh each' and the 10th (last) instalment shall constitute the balance amount to top up the figure, which shall include the future interest and costs as well. The first instalment shall be effected on or before the 30th of November, 2014, followed by the other installments, to be effected on or before the 30th 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 amount ordered as above, it will be open for the respondent Bank 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.
P.R. RAMACHANDRA MENON, JUDGE sp