Petitioner has approached this Court at a stage when his residential building has been taken possession by the respondent bank invoking Section 14 of the SARFAESI Act. Petitioner submits that if the sale is effected by the respondent bank, he will be put to irreparable loss and that he is willing to repay the entire balance dues, if sufficient instalment facility is granted. 2. The learned counsel appearing for the respondent bank submits that the total dues as on date is ₹6,96,590.41. If time is granted, petitioner will be under obligation to pay future interest as well. After the loan was availed, the petitioner had remitted only about ₹ 1,00,000/- and he is a chronic defaulter. This account has been declared as non performing account on 02.11.2013 and therefore the question of regularisation of the loan account does not arise as the matter stands now.
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W.P.(C). No. 26028 of 2014
3. Having regard to the aforesaid situation, I am of the view that this writ petition can be disposed of granting some time to the petitioner to repay the entire amount with future interest.
4. Accordingly, this writ petition is disposed of as under:
Petitioner is granted 15 months time to repay the entire amount in 15 equal monthly instalments. The first instalment shall be paid on or before 05.11.2014 and the balance amount in succeeding months.
If the instalments are paid in time, bank shall not take any steps for sale of the property. If there is default in payment of any instalment, the bank will be entitled to proclaim and sell the property in accordance with law.
das Sd/-
A.M. SHAFFIQUE JUDGE