The petitioner availed a cash credit facility to the tune of Rupees Four lakhs from the respondent Bank on the strength of security interest created over the property concerned. Since, the petitioner could not satisfy the liability by remitting the timely instalments, the Bank proceeded with steps under the SARFAESI Act, which is subjected to challenge in this writ petition.
2. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances. It is stated that, the petitioner is taking earnest efforts to make clear of the liability of the respondent Bank and the prayer is only to grant some breathing time to clear the entire amount in a phased manner.
3. The learned counsel appearing for the respondent Bank submits on instructions that, the outstanding liability is nearly Rs.12,13,000/- (Rupees Twelve lakhs thirteen thousand only).
4. After hearing both the sides, the petitioner is directed to W.P.(C) No.34336 of 2014 2 clear the entire outstanding amount by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 10th of January, 2015, followed by similar installments, to be effected on or before the 10th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance for the time being.
5. It is made clear that, if any default is committed with regard to the satisfaction of the outstanding amount as above, or it will be open for the respondent 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.
P.R. RAMACHANDRA MENON, JUDGE sp