The petitioner is aggrieved by the SARFAESI proceedings, initiated against the property of the petitioner, for satisfaction of defaulted amounts in a housing loan as also a cash credit facility. In fact, the petitioner was earlier before this Court with a similar challenge wherein, the overdue amounts in the housing loan was directed to be settled in four instalments and the cash credit facility to be settled in six monthly instalments. Obviously the petitioner has not complied with the order issued in Ext.P3. Hence, there is no question of any further regularization of the loan account. 2. The respondent Bank shall issue a statement of accounts with the amounts due as on 15.07.2014. The petitioner shall pay the same in four monthly instalments starting from 24.07.2014 and followed up with the W.P.(C) No. 15886 of 2014 2 instalments on the 24th of each succeeding month. On the above directions being complied with, the respondent Bank shall issue further statement for future interest, which shall be settled as the 5th instalment on the 24th of the next succeeding month. If two consecutive defaults are committed, the petitioner shall voluntarily surrender the property mortgaged to the respondent Bank.
3. During the period granted by this Court, subject to the conditions as above, the proceedings initiated by the respondent Bank shall be kept in abeyance. If the directions are not complied with, it shall revive and the Bank would be entitled to proceed from the stage at which this Court has kept it in abeyance.
The Writ Petition is disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.