Petitioner has approached this Court seeking for a direction to the respondents to accept the defaulted amount with reasonable interest and to regularise the loan account and also for a direction to withdraw the coercive steps taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as 'the SARFAESI Act'). It is submitted that an application has been filed by the respondents before the Chief Judicial Magistrate, Thalassery after invoking Section 13(4) of the SARFAESI Act for the purpose of taking possession of the vehicle which is in the possession of the petitioner.
2. By an interim order dated 03/09/2014, this Court has granted interim stay of dispossession on condition that the petitioner pays an amount of Rs.1,00,000/-. Learned counsel for the petitioner submits that the said amount has already been deposited on 01/10/2014. Learned counsel appearing for the respondents would submit that the overdue amount was Rs.1,41,771/- on which apparently Rs.1,00,000/- had already been paid and the balance overdue amount is only Rs.41,771/-.
3. Having regard to the aforesaid submission, I am of the view that the writ petition can be disposed of granting the petitioner sufficient time to pay the overdue amount so that the loan account can be regularised.
4. Hence this writ petition is disposed of with the following directions:
i) The petitioner shall pay the balance amount of Rs.41,777/- (Rupees forty one thousand seven hundred and seventy seven only) within a period of three weeks from today.
ii) On receipt of the said amount, the respondent bank shall regularise the loan account of the petitioner.
ii) Until such time, proceedings under Section 13(4) of the SARFAESI Act shall be kept in abeyance.
(sd/-) (A.M.SHAFFIQUE, JUDGE) jsr