The petitioner availed a housing loan (No. 57006305277) in 2005 for a sum of `5 lakhs and a mid term loan (67068538409) for business purpose on the strength of security interest created over the property in question. 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 that, the housing loan has already been regularised. But the outstanding liability in respect of the Term loan, as on date, is Rs.14,63,729/- (Rupees fourteen lakh sixty three thousand seven hundred and twenty nine only) and the tenure is over.
3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'entire liability' cleared, for which some breathing time is sought for.
WP(c). No. 26980 of 2014 2 After hearing both the sides, the petitioner is directed to satisfy the 'entire amount' by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 7th of November, 2014, followed by similar installments, to be effected on or before the 7th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above 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.
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P.R. RAMACHANDRA MENON, JUDGE.
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