The petitioner availed of a housing loan and had committed default in the same. The loan was sanctioned in the year 2006 and was for a period of 20 years. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments. 2. In the circumstances of the petitioner satisfying the entire arrears/default in seven instalments along with the regular payment of EMIs, the latter on the respective due dates, there shall be a direction to the respondent Bank, to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the W.P.(C) No.14849/2014 2 satisfaction of the arrears and also on regular EMIs being paid. If two consecutive defaults are committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment of arrears shall be paid on 18.07.2014 and the balance instalments shall be paid on the 18th of the succeeding months. Any demand for future interest for the arrears shall also be satisfied, by the petitioner.
Writ petition disposed of.
K.VINOD CHANDRAN, JUDGE vdv