The wife of the petitioner had availed a loan of Rupees Ten lakhs in the year 2012, for which, the petitioner stood as guarantor. Admittedly, there occurred some default, under which circumstances, Ext.P2 notice has been issued under the SARFAESI Act, which made the petitioner to approach this Court, seeking for immediate intervention.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on 18.07.2014 is Rs.10,59,525/ (Rupees Ten lakhs fifty nine thousand five hundred and twenty five only).
3. The learned counsel for the petitioner submits that, the petitioner does not intend to raise any dispute with regard to the liability and the prayer is to grant some breathing time to clear the entire liability.
After hearing both the sides, the petitioner is directed to satisfy the entire liability, by way of 'ten' equal monthly W.P.C.No.27677 of 2014 2 instalments, the first of which shall be effected on or before the 10th of November, 2014, followed by similar installments, to be effected on or before the 10th 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 entire amount 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.
P.R. RAMACHANDRA MENON, JUDGE sp