The petitioner had availed a housing loan of ₹7,16,600/- from the respondent Bank creating security interest over the property in question. After some remittance, the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act which in turn is under challenge in this writ petition.
2. The learned counsel for the petitioner submits that the default was never wilful, but due to some unforeseen circumstances and that the petitioner does not dispute the liability to clear the due amount or the rights and liberties of the respondents in proceeding against the petitioner. The limited relief now pressed before this Court is to permit the petitioner to clear the 'overdue' amount, granting some breathing time in this regard and to have the loan account regularized.
3. The learned counsel appearing for the respondent Bank submits on instructions that, the overdue amount in respect of the defaulted instalments will come around ₹1.60 lakhs as on 11.10.2014 and unless the petitioner clears the said amount, the loan account is not liable to be regularized.
W.P.C. No. 25417 of 2014 -2-
4. After hearing both the sides, particularly, in view of the limited relief sought for, this Court finds it fit and proper to permit the petitioner to clear the 'overdue' amount by way of 'four' equal monthly instalments, the first of which shall be effected on or before the 30th of this month; followed by similar instalments to be effected on or before the 30th of succeeding months. This shall be in addition to satisfaction of the regular EMIs as well. Subject to this, the loan account will stand regularized. The coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of the over due amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in lump, from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE.
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