The petitioner availed two agricultural loans of Rupees Four lakhs and Rupees Two lakhs from the 1st respondent on 31.12.2008, on the strength of security interest created over the property in question. Another loan of Rupees Rs.3,50,000/- (Rupees Three lakhs fifty thousand only) was also availed by the petitioner and it is stated as fully satisfied and the loan account was closed. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the total outstanding liability as on date is nearly Rs.8,26,163/- (Rupees Eight lakhs twenty six thousand one hundred and sixty three only), out of which a sum of Rs.5,75,000/- (Rupees Five lakhs seventy five thousand only) is W.P.(C) No.33035 of 2014 2 'overdue' in respect of the defaulted instalments.
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. It is stated that the petitioner does not intend to dispute the liability, nor does he intend to avail the statutory remedy by approaching the D.R.T.
After hearing both the sides, the petitioner is directed to satisfy the entire liability by way of 'nine' monthly instalments. The initial eight instalments shall be at the rate of Rupees One lakh each, the first of which shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. The last instalment shall constitute the requisite amount so as to top up the figure and to liquidate the liability in toto. 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 W.P.(C) No.33035 of 2014 3 above, it will be open for the respondents 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.
P.R. RAMACHANDRA MENON, JUDGE sp