The petitioner had availed housing loan of Rs. 2 lakhs from the respondent Bank creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with the steps under the SARFAESI Act, which in turn is sought to be intercepted in this writ petition.
2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances, especially due to serious ailments of the wife of the petitioner. The learned counsel further submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT. It is assured that the entire 'overdue' amount as well as regular E.M.Is will be cleared, without fail, if some breathing time is given.
3. The learned standing counsel for Bank points out that eventhough the petitioner was given an opportunity to have the loan account regularized as per Ext. P1, the said opportunity was not effectively utilized by the petitioner, but for payment of Rs. 50,000/- as per two installments. In the said circumstances, the prayer of the W.P.(C) No. 27007 of 2014 : 2 :
petitioner for regularisation of the loan account is not liable to be entertained. It is stated that the outstanding liability as on date is nearly Rs. 2,38,000/- plus incidental charges and additional expenses.
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the 'entire outstanding amount' by way of 'eight' installments commencing from 30.10.2014, followed by similar installments to be effected on or before the 30th of the succeeding months. The recovery proceedings stated as being pursued against the petitioners shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd