The petitioner availed a 'housing loan' of `2,56,400/- (Rupees two lakh fifty six thousand and four hundred only) from the respondent 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 loan account became NPA on 26.11.2011 and the outstanding liability as on date is nearly `5,01,000/ (Rupees five lakh one thousand only). The possession of the property has been taken over on 07.07.2014. Though the sale was notified to be held on 07.09.2014, no bidders were there on that day.
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 WP(c). No. 26482 of 2014 2 outstanding liability' cleared, for which some breathing time is sought for.
4. After hearing both the sides, the petitioner is permitted to satisfy the 'entire outstanding liability' by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 10th of November, 2014, followed by similar installments, to be effected on or before the 10th of the succeeding months. On effecting 'three' instalments or amount equal to three instalments, the physical possession should be restored to the petitioner.
5. 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