The 2nd petitioner availed a loan of Rupees Eight lakhs from the 1st respondent in the year 2012, on the strength of security interest created over the property in question. The 1st petitioner, who is the mother of the 2nd petitioner, stood as a surety. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits on instructions that, the outstanding liability as on date is nearly 11,56,000/- (Rupees Eleven lakhs fifty thousand only), out of which, a sum of Rs.7,93,000/- (Rupees Seven lakhs ninety three thousand only) is in respect of the 'overdue' amount, by virtue of the defaulted instalments. Unless the petitioners satisfy the 'overdue' amount, the claim of the petitioners to have the loan account regularised, is not liable to be entertained, submits the learned counsel.
W.P.(C) No.26981 of 2014 2
3. The learned counsel for the petitioners submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'overdue' amount cleared, for which some breathing time is sought for. It is stated that the petitioners do not intend to dispute the liability, nor do they intend to avail the statutory remedy by approaching the D.R.T. It is also pointed out that, the 1st petitioner is virtually blind by virtue of 'Corneal dystrophy' as borne by Ext.P2 Disability Certificate issued by the Kollam District Medical Board. It is also stated that the son of the 2nd petitioner is totally disable because of 'Cerebral Palsy' suffering 90% of the disability as borne by Ext.P3. In the said circumstances, the learned counsel seeks for maximum indulgence of this Court, so as to enable the petitioners to wipe of the entire liability.
4. After hearing both the sides, this Court finds it fit and proper to permit the petitioners to clear the 'overdue' amount by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 15th of November, 2014, followed by similar installments, to be effected on or before the 15th of the W.P.(C) No.26981 of 2014 3 succeeding months. This shall be in addition to the liability of the petitioners to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any single default is committed with regard to the satisfaction of the 'overdue' as above, or if any two consecutive defaults are made with regard to the regular monthly installments, 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