The petitioner availed a 'term loan' of Rupees three lakhs from the respondent in the year 2012 for purchasing an 'LMV Goods Carrier Truck'. 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 overdue amount as on date is nearly `66,556/- (Rupees sixty six thousand five hundred and fifty six 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 'overdue' amount cleared, for which some breathing time is sought for.
4. After hearing both the sides, the petitioner is permitted to satisfy the 'overdue' amount in respect of defaulted WP(c). No. 26919 of 2014 2 instalments, within one month. 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. 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.
Immediately on satisfaction of the 'overdue' the possession of the vehicle shall be restored to the petitioner.
The writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn