The petitioner availed a loan of Rs.40,000/- (Rupees Forty thousand only) from the 3rd respondent Bank in the year 2008, for construction of a house, creating security interest over the property in question. 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. It is admitted that, the petitioner, by virtue of the compelling circumstances, had approached the District Collector, ie. the 3rd respondent, by filing a petition for immediate interference and for granting sufficient instalments. This was considered and Ext.P4 order was passed, enabling the petitioner to clear the entire liability by way of 'ten' equal monthly instalments, after satisfying an initial deposit of Rs.20,000/- (Rupees Twenty thousand only) on or before 14.10.2014, which W.P.(C) No.27212 of 2014 2 is quite onerous and hence the grievance in the writ petition.
3. Heard the learned Standing Counsel appearing for the 1st respondent Bank and the learned Government Pleader appearing for respondents 2 to 4 as well.
4. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability and that he is ready to clear the entire liability by way of 'ten' equal monthly instalments, especially with the fact that the petitioner belongs to the poor strata in the society.
After hearing both the sides, the petitioner is directed to satisfy the entire outstanding liability, by way of 'ten' equal monthly instalments, the first of it shall be effected on or before the 30th of October, 2014, followed by similar installments, to be effected on or before the 30th 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 outstanding liability as above, it will be open for the respondent W.P.(C) No.27212 of 2014 3 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