The petitioner availed a 'housing loan' of Rs.8,00,000/- (Rupees eight lakhs only) on 23.09.2006, from the respondent Bank 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 about Rs.2,33,338/- (Rupees two lakh thirty three thousand three hundred and thirty eight only) and the tenure is already over. He also submits that another 'cash credit loan' and 'term loan' are availed by the petitioner and the amount due in respect of those loans is Rs.4.5 lakhs.
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 WP(c). No.34269 of 2014 2 liability' cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioner is directed to satisfy the 'entire liability', by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the 'liability' as above, it will be open for the respondent Bank 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn