The petitioner availed a 'Business loan' of Rs.5,00,000/- (Rupees five lakhs only) from the respondent Bank on 14.09.2013, on the strength of security interest created over the property in question. The period of loan is 60 months. 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 outstanding liability as on date is about Rs.5.25 lakhs (Rupees five lakh twenty five thousand only) + interest and cost.
3. The learned counsel for the petitioner submits that the default was never wilful and the petitioner was constrained to close down the 'flex printing' unit because of the adverse circumstances, resulted in changing policy of the Government and steps are being taken, to have the 'entire liability' cleared, for which some breathing time is sought for.
WP(c). No.34528 of 2014 2 After hearing both the sides, in view of the particular facts and circumstances under which the petitioner was forced to wind up the unit because of the change in policy of the Government with regard to the question of ban with regard to the 'flex', the petitioner is directed to satisfy the 'entire liability', by way of 'ten' equal monthly instalments, the first of it shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day 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.
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P.R. RAMACHANDRA MENON, JUDGE.
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