The petitioner, who had availed a loan of `2 lakhs from the respondent Bank in the year 2009, defaulted on re- payment of the same. The respondent Bank initiated proceedings under the SARFAESI Act against the petitioner. Ext.P1 is the possession notice issued by the respondent Bank. 2. In the writ petition, the petitioner impugns the said notice and prays for some time so as to effect re- payment of the amounts due to the respondent Bank.
3. I have heard Sri.E.S.M.Kabeer, the learned Standing counsel appearing for the respondent Bank.
4. On consideration of the facts and circumstances of the case and taking into account the financial hardship pleaded by the petitioner, I am inclined to dispose the writ petition with the following directions:
W.P.(C) No.35294 of 2014 (J) 2
i) Total amount due to the Bank as on today is stated to be an amount of `3,95,864/-. The petitioner shall pay an amount of `50,000/- (Rupees fifty thousand only) on or before 15.01.2015.
ii) The petitioner shall pay the balance amounts in five equal monthly installments, commencing from 15th February, 2015 to be followed by similar installments to be effected on or before 15th of the succeeding months.
5. It is made clear that, if the petitioner defaults in any one installment, then he shall lose the benefit of this judgment and the respondent Bank shall be entitled to proceed with the recovery proceedings from the stage where it stands now.
The writ petition is disposed of.
AMV/23/12/ Sd/- A.K.JAYASANKARAN NAMBIAR, JUDGE