The petitioner had availed a loan of Rs.3,84,800/- from the respondent Bank/ICICI Bank for the purchase of a goods carrier creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with the steps under the SARFAESI Act, 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 'overdue' amount as well as regular E.M.Is will be cleared, without fail, if some breathing time is given.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that a sum of Rs.1.36 lakhs is 'overdue' towards defaulted installments out of the total liability of Rs. 3.90 lakhs.
W.P.(C)No.33954 OF 2014 2
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the liability towards the 'overdue' amount by way of 'six' equal monthly installments, the first of which shall be effected on or before 31.12..2014 followed by similar installments to be effected on or before the last working day of the succeeding months. Subject to this, the loan account will stand regularised and all coercive proceedings shall be kept in abeyance. This will be in addition to the liability to clear the regular monthly installments as well. It is further made clear that, if the petitioner commits any default in remitting the overdue amount/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, 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.
P.R.RAMACHANDRA MENON JUDGE lk