The petitioner availed a housing loan of Rupees Three lakhs from the 1st respondent in the year 2009, 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 as on date is nearly Rs.4,27,000/- (Rupees Four lakhs twenty seven thousand only), out of which a sum of nearly Rs.3,13,160/- (Rupees Three lakhs thirteen thousand one hundred sixty only) is in respect of the defaulted instalments.
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 amount cleared, for which some breathing time is sought for. It is stated that the petitioner does not intend to dispute the liability.
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4. After hearing both the sides, the petitioner is directed to satisfy the entire amount, by way of 'ten' equal monthly instalments, the first of it shall be effected on or before the 30th of November, 2014, followed by similar installments, to be effected on or before the 30th of the succeeding months.
5. It is always open for the petitioner to identify a prospective purchaser and take him to the doors of the Bank to cause necessary arrangements for effecting the payment to be made to the petitioner directly to the Bank and to finalise the deal accordingly. Coercive proceedings shall be kept in abeyance till such time. It is made clear that, if any single default is committed with regard to the satisfaction of the entire amount as above, it will be open for the respondents 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