The petitioner availed a business loan of `8,50,000/- from the respondent Bank on the strength of security interest created over the property. Since the repayment could not be effected on time, the Bank proceeded with further steps under the SARFAESI Act, which in turn is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that the petitioner is ready and willing to clear the outstanding liability by way of reasonable installments. The relief sought for is only to permit the petitioner to wipe off the outstanding liability by way of reasonable installments, stating that the default was never wilful, but because of some unforeseen circumstances.
3. The learned counsel appearing for the respondent Bank submits that the outstanding liability is nearly `9,77,000/-.
4. After hearing both the sides, the writ petition is disposed of W.P.(C) NO. 30471 of 2014 (H) 2 directing the petitioner to satisfy the outstanding liability by way of 'eight' equal monthly installments, the first of it shall be effected on or before 10th of December, 2014; to be followed by similar installments on or before the 10th of the succeeding months. Subject to this, the recovery proceedings, if any, shall be kept in abeyance for the time being.
5. It is also made clear that, if any default is committed in satisfying the outstanding liability as aforesaid. It will be open for the respondent Bank to proceed with further steps for realization of the entire amount in a lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
AMV/17/11/ Sd/- P.R.RAMACHANDRA MENON, JUDGE