The petitioner availed a housing loan to the tune of ` 9,00,000 from the respondent-bank in the year 2007. Obviously, the petitioner has committed default in payment of instalments towards the loan account. The contention of the petitioner is that on 9.5.2014 the bank officials with the help of policemen came into the property offered as security whereon the petitioner resides and attempted to evict him under the supervision of an Advocate Commissioner appointed by the Chief Judicial Magistrate, Thalassery. According to the petitioner, he was told that the respondents have initiated proceedings under the SARFAESI Act (for short the 'Act') and they had come to take possession of the property under the said Act. Though the petitioner alleges that such an attempt was made by the respondents to take possession of the property without issuing notices under Sections 13(2) and 13(4) of the Act the learned standing counsel appearing for the respondents stoutly resisted the said contention and submitted that such proceedings were initiated strictly adhering to the procedures contemplated thereunder. When faced with such a situation the learned WP(C).No.12365/2014 2 counsel for the petitioner submitted that in case three months time is granted to the petitioner to clear off the outstanding dues the petitioner would clear the entire outstanding liability.
2. Having heard the rival submissions and the submission made on behalf of the petitioner as aforesaid I am inclined to dispose of this writ petition as hereunder:-
The petitioner shall clear the entire outstanding dues towards the loan account in three monthly instalments commencing from 5.6.2014. Needless to say that the second and third instalments shall also be paid on the 5th day of the following months. Along with such payments the petitioner shall also pay the current EMI towards the loan account. In case the petitioner pays the instalments as above without fail the respondents shall regularise the loan account and permit the petitioner to pay the remaining liability in terms of the loan agreement. To enable the petitioner to pay the amount as above, coercive steps, if any, taken for recovering the amount towards the aforesaid loan account that led to this writ petition, shall be kept in abeyance till the expiry of the time stipulated as above. In case the petitioner committed default in WP(C).No.12365/2014 3 effecting payment as directed above it will be open to the respondents to continue with the proceedings already initiated in accordance with law.
Sd/-
C.T.RAVIKUMAR Judge TKS