The petitioners have approached this Court with the following prayers :
(i) Issue a writ of mandamus or any other appropriate writs, orders or directions commanding the respondents to permit the petitioners to clear off the entire dues towards the bank, by way of one time settlement scheme;
(ii) Issue a writ of mandamus or any other appropriate writs, orders or directions commanding the respondents to permit the petitioners to repay the amounts due to the bank in easy monthly installments and till such time, the coercive steps taken against the properties of the petitioners to be kept in abeyance;
(iii) Grant such other reliefs as this Hon'ble Court may deem fit and proper in the circumstances of the case.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on date is nearly Rs. 22 lakhs and since the petitioners turned to be chronic defaulters, there was no other alternative for the Bank, but to proceed with further steps invoking the machinery under the SARFAESI Act. Steps are being pursued in respect of the 'Business Loan' of Rs.10 lakhs, 'Agricultural Loan' of Rs. 30,000/- and 'Housing Loan' of Rs. 4 lakhs. With regard to the relief sought for, with reference to the Settlement Scheme, the learned counsel for the respondent Bank submits that, it is for the petitioners to submit a concrete proposal as to the amount offered for settlement under the Scheme; upon which same will be considered and appropriate orders will be passed, simultaneously adding that maximum time that could be given to settle the liability in such case is one month.
3. The learned counsel for the petitioners submits that proposal for settlement will be submitted within a week and that the prayer is to cause the same to be considered within a reasonable time. There is also a simultaneous prayer for the petitioners that, if the proposal to be submitted by the petitioners is not acceptable to the Bank, they might be given a chance to liquidate the liability by way of reasonable installments.
4. In the said circumstances, the writ petition is disposed of, with liberty to submit a concrete offer for settlement of the loan account, which shall be presented within a week from the date of receipt of a copy of this judgment. On receipt of the application, the matter shall be considered and appropriate orders shall be passed by the Bank and the outcome shall be let known to the petitioners within one week thereafter. It will be open for the petitioners to wipe off the intimated liability within the stipulated time.
5. If for any reason, the settlement is not reached as above, the entire liability shall be cleared by the petitioners by way of 'ten' equal monthly installments; the first of which shall be effected on or before the 20th of December 2014, followed by similar installments to be effected on or before the 20th of the succeeding months. Subject to this, the coercive proceedings shall be kept in abeyance for the time being.
6. If settlement takes place, amount if any paid by the petitioners towards the installment as above, shall be given credit to against the amount to be satisfied under the Settlement Scheme. It is made clear that, if the petitioners commit any default in remitting either the amount arrived at under the Settlement Scheme or the installments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in a lump from the stage where it stands now.
The Writ Petition is disposed of.
kmd Sd/-
P. R. RAMACHANDRA MENON, (JUDGE)