The petitioner had availed a housing loan of Rs.6 lakhs from the respondent/Kerala State Co-operative Bank in the year 2010 by creating security interest over the property in question. The case of the petitioner is that because of some adverse circumstances there occurred some defaults in repaying the loan amount, under which circumstance, the Bank proceeded with the steps under the SARFAESI Act. Despite all the adverse circumstances, the learned Counsel for the petitioner submits that the petitioner is ready and willing to clear the entire defaulted arrears, so as to have the loan account regularised, for which some breathing time is sought for.
2. The learned Standing Counsel for the respondent Bank submits, on the basis of the instructions received that the total outstanding liability as on today is Rs.8,39,853/- and that if the housing loan is to be regularised, the petitioner will have to clear defaulted monthly installments of Rs.2,87,840/-.
3. Considering the particular facts and circumstances, this Court finds it fit and proper to give an opportunity to the W.P.(C)No.26759 OF 2014 2 petitioner to save his property. In the said circumstances, the petitioner is directed to clear the 'overdue amount' by way of 'four' Equal Monthly Installments, the first of which shall be effected on or before 30.10.2014, followed by similar installments to be effected on or before the 30th of the succeeding months. This will be in addition to the liability of the petitioner to remit the regular monthly installments as well. Subject to the above, the recovery proceedings now stated as being pursued against the petitioner and his property will be kept in abeyance. It is further made clear that, if the petitioner commits any default in remitting the overdue amount/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, 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.
P.R.RAMACHANDRA MENON JUDGE lk W.P.(C)No.26759 OF 2014 3