The petitioner availed of a housing loan and had committed default in the same. The loan was sanctioned in the year 2010 and was for a period of 8 years. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments.
2. In such circumstance, the respondent shall quantify the amounts due under the housing loan of the petitioner and inform the petitioner in writing the amounts due as on 15.06.2014. In the circumstances of the petitioner satisfying the entire arrears/default in ten instalments along with the regular payment of EMIs, on the respective due dates, there WP(C).13038/14 2 shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the satisfaction of the arrears and also on regular EMIs being paid. If two consecutive defaults are committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment shall be paid on 08.07.2014 and the balance instalments shall be paid on the 08th of the succeeding months.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, Judge jma //true copy// P.A to Judge