The petitioner's husband had availed a loan from the respondent Bank creating security interest over the property in question. The petitioner's husband took his last breath on 13.01.2013. By virtue of the default in clearing the loan amount, the Bank is proceeding with steps under the SARFAESI Act, which in turn is sought to be intercepted in this writ petition.
2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of unfortunate circumstances, particularly in view of accidental death of her husband. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT. It is stated that the petitioner is intending to arrange private sale of the property concerned and if the same turns to be fruitful, the entire amount will be cleared within no time. It is however assured that the W.P.(C) No. 28031 of 2014 : 2 :
entire 'outstanding' amount will be cleared, without fail, if some breathing time is given in this regard by way of reasonable installments.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that altogether 'four' loans were availed by the petitioner and her husband, including one agricultural loan. It is stated that the account became NPA as early as on 09.09.2013 and that notice under Section 13(2) was issued on 18.07.2014. As on 10.08.2014, a sum of Rs.15,77,764/- is outstanding towards the Bank, besides Rs.1,23,459/- towards the agricultural loan.
4. After taking note of the particular facts and circumstances and also the nature of the loans, this Court finds it fit and proper to permit the petitioner to clear the entire liability towards the respondent Bank by way of 'twelve' equal monthly installments, the first of which shall be effected on or before 20.11.2014, followed by similar installments to be effected on or before 20th of the succeeding months. Subject to this, all coercive proceedings shall be kept in abeyance. It is further made clear that, if the petitioner commits any default in remitting the W.P.(C) No. 28031 of 2014 : 3 :
installments as above, 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.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd