The petitioner had availed a loan of Rs. 10 lakhs 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 account was declared as NPA as early as on 30.12..2011. It is stated that a sum of Rs.2.6 lakhs is 'overdue'
W.P.(C) No. 28213 of 2014 : 2 :
towards defaulted installments out of the total liability more than Rs.12.33 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 liability towards the 'overdue' amount by way of 'three' equal monthly installments, the first of which shall be effected on or before 15.11.2014 followed by similar installments to be effected on or before 15th of the succeeding months. Subject to this, the loan account will stand regularised accordingly and all coercive proceedings shall be kept in abeyance. 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 confirmation of sale.
The writ petition is disposed of as above.
Sd/-
kmd P. R. RAMACHANDRA MENON, (JUDGE)