The petitioner, a defaulter in repaying the housing loan availed of from the respondent-Bank, is before this Court challenging the proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity “SARFAESI Act”) against him. The liability and the default is admitted and the only contention is against failure to intimate quantification. Considering the facts of the case and the alleged impecunious circumstances of the petitioner, this writ petition is disposed of on the following terms:- (i) The petitioner shall produce a certified copy of this judgment before the respondent within two weeks of receipt of the same.
(ii) The respondent shall quantify the amounts due under the loan account of the petitioner and inform the petitioner in writing the amounts due as on 15.05.2014.
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(iii) The respondent shall grant twelve equal monthly instalments for the payment of the balance dues, starting from 27.06.2014.
(iv) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(vi) On the 12th instalment being satisfied, the respondent shall issue a statement of the interest accrued from 15.05.2014, which shall be satisfied by the petitioner on or before 27th of the succeeding month.
(vii) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
Writ Petition is disposed of as above, making it clear that the respondent shall be free to proceed with the recovery if the above conditions are not complied with.
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( true copy ) Sd/- K.Vinod Chandran Judge.