The petitioner is aggrieved by the proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity “SARFAESI Act”) initiated by the respondent-Bank for realisation of amounts due in two loan accounts.
2. The learned counsel for the respondent-Bank appears and opposes the prayer for instalments on the ground that Securitisation Application is pending before the Debts Recovery Tribunal, Ernakulam and the petitioner cannot seek to invoke the jurisdiction under Article 226 of the Constitution when already the petitioner has invoked one remedy available to him.
3. The learned counsel for the petitioner, on behalf of the petitioner submits that he would not pursue the Securitisation Application filed, as S.A.No.205 of 20013, and the same would be withdrawn at the earliest point.
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4. In the above circumstances and considering the financial stringency pleaded by the petitioner, it is directed that the SARFAESI proceedings shall be kept in abeyance on condition of the petitioner settling the entire loan in twelve equal monthly instalments. The respondent-Bank shall quantify the dues as on 30.06.2014 and issue a statement of accounts, in accordance with which the instalments shall be paid. The 1st instalment shall be paid on or before 20.07.2014 and thereafter; the due date of instalments falling on the 20th of each succeeding month. If default is committed for two consecutive instalments, then the recovery proceedings shall revive and continue. On the satisfaction of the dues as per the statement, the Bank shall give a statement of the future interest from 30.06.2014 and the same shall be settled as the 13th instalment.
The writ petition stands disposed of as above. No costs.
vku.
Sd/-
K.Vinod Chandran, Judge ( true copy )