The petitioner availed a 'consumer loan' of `1,50,000/- (Rupees one lakh fifty thousand only) from the respondent on 23.03.2009 to meet the expenses of marriage of her daughter, on the strength of security interest created 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 petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that, the total outstanding outstanding liability as on 30.09.2014 is `1,83,806/ (Rupees One lakh eighty three thousand eight hundred and six only). The possession of the property has been taken over by the respondent.
3. The learned counsel for the petitioner submits that, he is a cardiac patient having undergone surgery, and that he has already paid `20,000/- (Rupees twenty thousand only) towards the loan amount. He also submits that, the default was never WP(c). No. 27151 of 2014 2 wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'entire outstanding liability' cleared, for which some breathing time is sought for.
4. After hearing both the sides, the petitioner is permitted to satisfy the 'entire outstanding liability' in respect of defaulted instalments, by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 10th of November, 2014, followed by similar installments, to be effected on or before the 10th 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 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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