The petitioner availed a housing loan of Rs.70,000/- (Rupees Seventy thousand only) from the 3rd 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 outstanding liability is nearly Rs.2,60,000/- (Rupees Two lakhs sixty thousand only).
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 liability cleared, for which some breathing time is sought for. It is stated that the petitioner does not intend to dispute the liability, nor does she intend to avail the statutory remedy by approaching W.P.(C) No.27878 of 2014 2 the D.R.T.
After hearing both the sides, the petitioner is directed to satisfy the entire liability, by way of 'six' equal monthly instalments, the first of it shall be effected on or before the 30th of this month, 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.
P.R. RAMACHANDRA MENON, JUDGE sp