Petitioner defaulted on a loan availed from the 2nd respondent Bank. Proceedings are now taken under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 as evidenced by Ext.P2, whereby an Advocate Commissioner has been appointed to take possession of the mortgaged assets. Although various contentions are raised in the writ petition against the said steps taken by the 2nd respondent bank, the petitioner limits his prayer to consideration of an instalment facility for payment of the amounts overdue to the 2nd respondent bank. 2. I have heard the learned counsel for the petitioner as also the Standing counsel appearing for the respondent Bank, who submits that an instalment facility can be granted subject to the petitioner paying a substantial portion of the dues along with the first instalment and clearing the balance overdue amounts in three instalments.
W.P.(C).No.12018/2014 2
3. In the facts and circumstances of the case, I dispose the writ petition with the following directions:
(1) The Petitioner shall pay the amount of Rs.5,01,100/- presently overdue in three equal monthly instalments commencing from 2nd June, 2014.
(2) Petitioner shall continue effecting payment of the monthly instalments as per the original loan schedule.
(3) Subject to compliance of the above conditions, further proceedings pursuant to Ext.P2 shall be kept in abeyance. It is made clear that if the petitioner defaults in payment of any instalment, it shall be open to the respondents to continue with the recovery steps initiated from the stage at which it currently stands.
A.K.JAYASANKARAN NAMBIAR JUDGE prp