The petitioner availed a 'loan' of `10,00,000/- (Rupees ten lakhs only) from the respondent Bank, on 16.09.2010, on the strength of security interest created over the property in question. The tenure of the loan is 5 years. 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 10.12.2014, is about `7,98,647/- (Rupees seven lakh ninety eight thousand six hundred and forty seven only). He also submits that Section 13(2) notice was issued on 10.06.2014, but there was no response from the part of the petitioner. Symbolic possession was taken over by the Bank on 17.09.2014.
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 WP(c). No.34711 of 2014 2 liability' cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioner is directed to satisfy the entire 'liability', by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 15.01.2015, followed by similar installments, to be effected on or before the 15th 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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