The petitioner who was an agriculturist had availed an agricultural cash credit loan of Rs.10 lakhs from the 2nd respondent Bank in May, 2011. It is stated that on account of a fall in prices for his crop, he was not able to effect the repayment of the loan, and consequently, the 3rd respondent Bank initiated proceedings against him under the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 [SARFAESI Act]. Ext.P1 is the notice issued to the petitioner. This was followed by Ext.P2 notice issued by the Advocate Commissioner who was appointed by the Chief Judicial Magistrate Court, Ernakulam for taking possession of the property in connection with the recovery proceedings. In the writ petition, Exts.P1 and P2 are impugned. 2. I have heard Sri.P.C.Haridas, the learned counsel appearing on behalf of the petitioner as also Sri.T.Rajesh, the learned counsel appearing on behalf of the respondent Bank.
W.P.(C).No.35311/2014 2
3. On a consideration of the facts and circumstances of the case as also the submissions made by counsel on both sides and also taking into account the precarious financial position that is pleaded by the petitioner, I dispose the writ petition with the following directions:
(i) The total liability of the petitioner towards the 2nd respondent Bank is stated to be Rs.14 lakhs as on today.
(ii) The petitioner shall effect payment of a sum of Rs.2 lakhs on or before 15.1.2015.
(iii) The petitioner shall effect payment of the balance amount in seven equal monthly instalments commencing from 15.2.2015.
It is made clear that if the petitioner defaults in any single instalment, then the petitioner will lose the benefit of this judgment and it will be open to the 3rd respondent Bank to proceed with recovery proceedings initiated against the petitioner from the stage at which they currently stand.
prp A.K.JAYASANKARAN NAMBIAR JUDGE