The petitioners had availed a housing loan of Rs. 10,42,000/- from the respondent Bank creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with 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 the account was declared as NPA on an earlier occasion as well, and thereafter the account was regularised. As far as the present proceedings are concerned, symbolic possession of the property was taken over on 27.10.2014 and the sale is W.P.(C) No. 32407 of 2014 : 2 :
proposed to be conducted on 15.12.2014. It is stated that as on 07.12.2011, a sum of nearly Rs.6.26 lakhs is 'overdue' towards defaulted installments, out of the total liability of nearly Rs.11.94 lakhs
4. After taking note of the particular facts and circumstances and also the nature of the loan, this Court finds it fit and proper to permit the petitioner to clear the 'entire outstanding liability' by way of 'eight' equal monthly installments, the first of which shall be effected on or before 30.12.2014, followed by similar installments to be effected on or before 30th of the succeeding months. Subject to this, all coercive proceedings shall be kept in abeyance. It is made clear that, if the petitioner commits any default in remitting the installments as above, 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.
Sd/-
P. R. RAMACHANDRA MENON, (JUDGE) kmd