The petitioner's father availed a Cash Credit facility of ₹5 lakhs from the respondent Bank in the year 2006 creating security interest over the property in question. After some periodical payment, 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 including the ailment of 'carcinoma', pursuant to which, the petitioner's father bid farewell to this world. This is sought to be substantiated with reference to Exts. P1 and P2 medical report/death certificate. It is stated 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 entire liability, granting some breathing time in this regard, by way of reasonable instalments.
3. The learned counsel appearing for the respondent Bank submits that, the total liability to clear the loan account is nearly ₹5 lakhs as on date.
W.P.C. No. 32713 of 2014 -2-
4. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the entire liability by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 31st day of December, 2014; followed by similar instalments to be effected on or before the last working day of the succeeding months. Subject to this, the coercive proceedings, if any, 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 entire liability as above, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in a 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.
kp/-
P.R. RAMACHANDRA MENON, JUDGE.