The petitioner availed a housing loan of ₹10 lakhs from the respondent Bank in the year 2012 creating security interest over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act, which was challenged by way of W.P.(C). No. 14768 of 2014; wherein Ext.P1 judgment was passed directing the petitioner to clear the overdue amount as specified therein, upon which the loan account was ordered to be regularized.
2. According to the petitioner, there was a subsequent default because of some unforeseen circumstances and after taking earnest effort, the petitioner procured Ext.P2 DD for a sum of ₹2 lakhs. But the physical possession of the property was taken over by the respondent Bank referring to the default and course of action ordered to be made as per Ext.P1. This made the petitioner to approach this Court by way of this writ petition.
3. The learned counsel for the respondent Bank submits that, the petitioner has now cleared the entire overdue amount and that the W.P.C. No. 31065 of 2014 -2-
Bank is ready to restore possession of the property subject to condition that, the petitioner will not make any further default.
4. The learned counsel for the petitioner assures and undertakes that, the regular instalments will be paid without fail.
5. In the above circumstance, the writ petition is disposed of, recording the submission as above and making it clear that, if the petitioner commits any two consecutive defaults, it will be always open for the respondent Bank to take further steps in accordance with law to take over the physical possession of the property. In case of issuance of any demand in this regard, the petitioner shall effect vacant surrender of the property to effect the proceedings. The submission made by the learned counsel for the Bank that, the key will be handed over to the petitioner forthwith is recorded.
P.R. RAMACHANDRA MENON, JUDGE.
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