The petitioner availed a housing loan to the tune of 4 lakhs from the respondent Bank on the strength of the security interest created over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act, which in turn is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that the default was never wilful, but due to some unforeseen circumstances and that the petitioner does not dispute the liability to clear the entire amount or the rights and liberties of the respondents in proceeding against the petitioner. The limited relief now pressed before this Court is to permit the petitioner to clear the entire amount, granting some breathing time in this regard and to have the loan account closed.
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3. The learned counsel appearing for the respondent Bank submits on instructions that, the total outstanding liability as on date is nearly ₹7,41,623/- as on 13.10.2014 simultaneously adding that the tenure of the loan is already over.
4. After hearing both the sides, particularly, in view of the limited relief sought for, this Court finds it fit and proper to permit the petitioner to liquidate the liability by way of 'eight' monthly instalments. The initial seven instalments shall be at the rate of ₹ 1 lakh each and the 8th and last instalment shall be for the requisite amount so as to top-up the figure to have the loan account closed. The first instalment shall be effected on or before the 30th day of November, 2014; followed by similar instalments to be effected on or before the 30th of succeeding months. The coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the -3-
W.P.(C). No. 28280 of 2014 petitioner in satisfying the entire amount as above, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in a lump, by pursuing such steps from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
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P.R. RAMACHANDRA MENON JUDGE das