The petitioner availed an agricultural loan of Rs.4,00,000/- (Rupees four lakh only) from the respondent on the strength of security interest created over the property in question. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the total outstanding liability as on date is nearly `6,00,525/- (Rupees six lakh five hundred and twenty five only), out of which a sum of `4,78,757/- (Rupees four lakh seventy eight thousand seven hundred and fifty seven only) is in respect of the defaulted instalments.
3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen circumstances and that steps are being taken to have the 'entire liability' cleared, for which some breathing time is sought for.
4. After hearing both the sides, the petitioner is directed WP(c). No. 26903 of 2014 2 to satisfy the entire liability by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 30th of October, 2014, followed by similar installments, to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above, it will be open for the respondent Bank to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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