The petitioner availed a loan of Rs. 1,20,000/- from the first respondent Bank, creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with steps under the SARFAESI Act, also notifying sale of the property to be held on 27.11.2014, which in turn is sought to be intercepted in this writ petition.
2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. The learned Counsel for the petitioner submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT. It is however assured that the entire 'outstanding liability' will be cleared, if some breathing time is given, by way of reasonable installments.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that if the petitioner deposits substantial amount towards the liability, the claim of the petitioner to extend the benefit of installments shall be entertained. It is stated that as on 31.10.2014, nearly a sum of Rs. 2.85 lakhs is due from the W.P.(C) No. 30555 of 2014 : 2 :
petitioner.
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to direct the petitioner to deposit a sum of Rs. 50,000/- towards the loan account on or before the 30.11.2014. If the petitioner deposits the aforesaid sum within 30.11.2014, the petitioner shall be permitted to clear the 'balance outstanding amount' by way of 'six' equal monthly installments commencing from the last working day of December 2014; followed by similar installments to be effected on or before the last working day of the succeeding months. The recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd