The petitioner availed a 'housing loan' of Rs.20,00,000/- (Rupees twenty lakhs only) from the respondent 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 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' is about `23 lakhs, out of which a sum of `4,13,925/- (Rupees four lakh thirteen thousand nine hundred and twenty five only) is in respect of the defaulted instalments and that the Bank has published notice for sale of the secured asset on 25.08.2014.
3. The learned counsel for the petitioner submits that, the petitioner is a chronic diabetes patient and his left leg was amputated 4 years ago. He had to undergo further treatment owing to illness and the right leg was also amputated recently, in August 2014. It is stated that the default was never wilful, but because of unforeseen circumstances and that steps are being WP(c). No.26459 of 2014 2 taken, to have the 'overdue' amount cleared, for which some breathing time is sought for.
After hearing both the sides, and considering the fact that the Bank has agreed to give one more chance to the petitioner to have the loan account regularised, the petitioner is directed to satisfy the 'overdue' amount in respect of defaulted instalments, by way of 'five' equal monthly instalments, the first of which shall be effected on or before the 10th of December, 2014, followed by similar installments, to be effected on or before the 10th of the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any single default is committed with regard to the satisfaction of the 'overdue' as above, or if any two consecutive defaults are made with regard to the regular monthly installments, 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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