The petitioner admittedly is a defaulter in the loan availed of from the 1st respondent for construction of a residential building. The loan availed of in the year 2010 was above Rs.40,00,000/- and as on the date when the notice under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act was issued, there was a default of more than Rs.3,60,000/-. The petitioner undertakes that the entire defaulted amounts would be paid within a period of one month and that in such circumstance, the loan account may be regularized and the petitioner permitted pay as per the equated monthly instalment stipulated in the agreement entered into between the petitioner and the 1st respondent. 2. There shall be a direction to the petitioner to produce a certified copy of this judgment before the 1st W.P.(C) No. 12943 of 2014 2 respondent upon which the 1st respondent shall compute the arrears due as on 31.05.2014 and the same shall be settled on or before 21.06.2014. On such settlement being made, the petitioner's loan account shall be regularized and she be permitted to pay as per the equated monthly instalments subject however to no default being committed thereafter.
3. Needless to say that Ext.P8 order threatening taking over of possession on 28.05.2014 shall not be proceeded with till 21.06.2014. If the defaulted amounts are satisfied, needless to say the petitioner shall not be proceeded under the SARFAESI Act for the present. If the conditions are not complied with necessarily the order directing taking over of possession would revive.
The Writ Petition disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // TRUE COPY // P.A TO JUDGE.