The 1st petitioner's husband had availed a 'loan' of `10,00,000/- (Rupees ten lakhs only) on 22.05.2012, from the respondent Bank for marriage of their daughter, on the strength of security interest created over the property in question. The husband of the 1st petitioner died on 15.07.2013. The 2nd petitioner is their son. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on date is nearly `8.84 lakhs (Rupees eight lakh eighty four thousand only), out of which a sum of nearly `3.84 lakhs (Rupees three lakh eighty four thousand only) is in respect of the defaulted instalments.
3. The learned counsel for the petitioners submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the WP(c). No.32911 of 2014 2 'overdue' amount cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioners are directed to satisfy the 'overdue' amount in respect of defaulted instalments, by way of 'six' equal monthly instalments, the first of it shall be effected on or before the 30th December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any single default is committed with regard to the satisfaction of the 'overdue' as above, or if any two consecutive defaults are made in paying the regular monthly installments, 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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