The petitioner is mainly challenging the course and proceedings pursued by the respondent seeking for realization of a sum of Rs.6,77,408/- notifying the property of the petitioner to be sold in public auction on 29.09.2014.
2. The petitioner availed a housing loan of Rs.1,50,000/- from the respondent in the year 2000, agreeing to repay the same in 108 monthly installments of Rs. 2,554/- each. But the repayments could not be effected on time, due to various adverse circumstances, but for effecting some part payment. The wife of the petitioner has been suffering from 'carcinoma' since 2002 and in respect of the treatment much expenditure was incurred by the petitioner. It is brought to the notice of this Court that children of the petitioner are students, one of whom is pursuing MBBS and the other one pursuing studies for Engineering. It is in the said circumstances that the petitioner turned to be a defaulter, leading the proceedings taken by the respondent Bank, as borne by Ext. P4 sales notice, notifying the sale W.P.(C) No. 25280 of 2014 : 2 :
to be conducted on 29.09.2014. This made the petitioner to approach this Court by filing the present writ petition on 26.09.2014.
3. Heard both the sides.
4. It is brought to the notice of this Court that sale scheduled as per Ext. P4 did not take place on that date. It is stated that the grievance of the petitioner has already been considered by the Government leading to Government Order (R.T.) No. 115/2014/house dated 17.11.2014, whereby the petitioner has been permitted to liquidate the liability by remitting a sum of Rs.1.5 lakhs (as against the actual liability of more than Rs.6 lakhs for which sale was sought to be pursued). The learned counsel for the petitioner submits that the only prayer now pressed before this Court is to grant some breathing time to wipe off the liability covered by the Government Order as aforesaid.
5. In the said circumstances, the writ petition is disposed of, with liberty to the petitioner to liquidate the liability covered by Government Order dated 17.11.2014 as aforesaid by way of 'three' equal monthly installments; the first of which shall be effected on or before 31.12.2014, followed by similar installments W.P.(C) No. 25280 of 2014 : 3 :
to be effected on or before the last working day of the succeeding months. Subject to this, further proceedings pursuant to Ext. P4 shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the amounts as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump from the stage where it stands now.
The Writ Petition is disposed of.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd