The petitioner availed an overdraft facility from the respondent Bank in the year 2012, for an amount of Rs.20,00,000 (Rupees Twenty lakhs only), on the strength of security interest created over the property in question. Since, the timely repayment could not be effected as scheduled, the account was declared as N.P.A. and the Bank proceeded with steps under the SARFAESI Act, which in turn is under challenge in this writ petition.
2. It is brought to the notice of this Court that, the sale notified as per Ext.P1 did not take place for want of bidders and that steps are being pursued by the Bank to have it re-notified.
3. The learned counsel for the petitioner submits that, the petitioner does not intend to dispute the liability or the rights and liberties of the Bank to proceed with steps under the SARFAESI Act and that the prayer is to enable the petitioner to regularise W.P.(C) No.33748 of 2014 2 the loan account.
4. The learned counsel for the respondent Bank submits that, the tenure of the financial assistance rendered to the petitioner by way of overdraft facility, was only for a period of one year and that the total outstanding liability as on date is more than Rs.23,00,000 (Rupees Twenty three lakhs only).
5. Considering the submission made by the learned counsel for the petitioner to enable the petitioner to discharge the entire liability by way of reasonable instalments, the petitioner is directed to satisfy a sum of Rupees 'Three lakhs' on or before 31.12.2014 and the balance amount shall be cleared by way of 'seven' equal monthly instalments, the first of which shall be effected on or before the 31st of January, 2015, followed by similar installments, to be effected on or before the last working day 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 liability as above, it will be open for the W.P.(C) No.33748 of 2014 3 respondents 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