The petitioner availed a 'cash credit facility' on the strength of security interest created over the property in question. 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 30.09.2014 is `32,44,197/- (Rupees thirty two lakhs forty four thousand one hundred and ninety seven only), + subsequent interest and other charges.
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 amount' 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 'ten' equal monthly instalments, the first of which shall be effected on or before the WP(c). No.26807 of 2014 2 30th of November, 2014, followed by similar installments, to be effected on or before the 30th 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.
Pn