The petitioner, whose property was offered as security for the loan availed by the second respondent from the first respondent-Bank, challenges Ext.P1 Sale Notice issued under the provisions of the SARFAESI Act. While various contentions are raised in the writ petition, the petitioner would now limit his prayers to the grant of installment facility for effecting payment of the total outstanding amount which is stated to be Rs.29.73 lakhs as on 22.04.2014.
2. I have heard the Standing Counsel for the first respondent-Bank who would submit that the past conduct of the petitioner in the matter of repayment has not been satisfactory. It is pointed out that the petitioner had approached the Debt Recovery Tribunal, as also this court, through various petitions seeking for the very same relief of payment by installment of amounts that were then due. Before this court, the petitioner had preferred W.P.(C). No.3902/12 in which Ext.P4 judgment was passed granting the W.P.(C)No.11775 of 2014 : 2 :
petitioner an opportunity of settling the due amounts in installments. When the petitioner could not comply with those directions, the petitioner again moved an I.A.No.3030/12 in the said writ petition, seeking for a modification of the judgment and the terms of repayment. In that I.A, this court modified the judgment by permitting the petitioner to discharge the liability by paying Rs.8,00,000/-on or before 15.03.2012 and the entire balance amount on or before 10.04.2012. It was made clear in the said order that, in the event of failure to discharge the entire liability by 10.04.2012, the petitioner would have to surrender the mortgaged assets to the bank on or before 11.04.2012. The respondent points out that the petitioner has not complied even with these directions, but has sought to approach this court yet again through this writ petition.
3. On a consideration of the facts and circumstances of this case and taking into account the fact that the petitioner is a house wife and her plea with regard to financial hard ship, I dispose the writ petition with the following directions:
1) The petitioner shall pay an amount of Rs.15,00,000/- lakhs within a period of one month from today W.P.(C)No.11775 of 2014 : 3 :
to the respondent bank.
2) The petitioner shall remit the balance amount in three equal monthly installments commencing from 15th of July, 2014.
3) If the petitioner makes these payments within the time stipulated, proceedings pursuant to Ext.P1 Sale Notice shall be kept in abeyance.
4) If the petitioner defaults in any one installment, the benefit of this judgment will not enure to the petitioner and the respondent will be free to continue the recovery proceedings, initiated pursuant to Ext.P1, from the stage at which they currently stand.
With these directions, the writ petition is disposed of.
Sd/-
A.K.Jayasankaran Nambiar Judge Bb [True copy] P.A to Judge