The petitioner availed a loan of Rs. 5 lakhs from the respondent Bank in the year 2010 after creating security interest over the property in question. But repayment could not be effected on time as scheduled, under which circumstance, the account was declared as 'NPA' and the Bank proceeded with steps under the SARFAESI Act, which is under challenge in this writ petition.
2. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that earnest efforts are being made to clear the entire liability, for which some breathing time is sought for. The learned counsel also submits that, the petitioner does not intend to dispute the liability to satisfy the due amount nor does he intend to avail the statutory remedy before the Tribunal and that the only relief pressed before this Court is to permit the petitioner to clear the liability by way of reasonable instalments.
3. Heard the learned counsel for the respondent Bank as well.
4. Considering the facts and circumstances, this Court permits the petitioner to clear the entire liability by way of 'ten' equal monthly instalments, the first of which shall be paid on or before the 31st of March 2013, to be followed by similar instalments to be effected on or before the last working day of the succeeding months. Subject to this, recovery proceedings shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the above amounts, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing appropriate steps, from the stage where it stands now.
Writ petition is disposed of.
P.R.RAMACHANDRA MENON JUDGE sv.