The petitioner availed a 'mortgage loan' of `11,92,500/- (Rupees eleven lakh ninety two thousand five hundred only) from the respondent Bank 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 date is `10,90,449/ (Rupees ten lakh ninety thousand four hundred and forty nine only), out of which a sum of `2,44,595/- (Rupees two lakh forty four thousand five hundred and ninety five only) is in respect of the defaulted instalments.
3. The learned counsel for the petitioner submits, that the petitioner is ready to satisfy the 'entire overdue' amount on or before 01.01.2015.
WP(c). No. 32168 of 2014 2 In the said circumstances, the petitioner is permitted to clear the 'overdue' amount on or before 01.01.2015. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any default is committed with regard to the satisfaction of the 'overdue' as above, or if any two consecutive defaults are made with regard to the regular monthly installments, 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.
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