The petitioner has approached this Court with the following prayers :
“i. To call for the records leading to Ext. P3 and P4 and the proceedings of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 from the Respondent and issue a writ of certiorari or other appropriate writ or direction quashing the same.
ii. To declare that the proceedings of the respondent to take possession of the secured assets under the Securitization and Reconstruction Financial Assets and Enforcement of Security Interest Act 2002 and the further proceedings for sale of the secured assets under the Rules is nonest in law and is issued strictly in violation of the provisions of the Securitization Act and Enforcement of Security Interest and Recovery of Debt Laws (Amendment) Act 2004 and the Reserve Bank guidelines for Non performing Asset.
iii. To issue a writ of mandamus or other appropriate order or direction commanding the Respondent to regularize the loan account of the petitioner up ti date by giving credit of the amount remitted by the petitioner towards the loan and permit the petitioner to remit the arrears of two loan accounts in 20 installments commencing from December, 2014 and till then the SARFAESI proceedings pursuant to Exts. P3 and P3 including sale may be kept in abeyance.
iv. To issue a writ of mandamus or other appropriate order or direction commanding the respondents not to proceed against the petitioner's secured assets under Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act and Rules of Enforcement of Security Interest and Recovery of Debt Law (Amendment) Act.
v. To declare that the respondent has absolutely no jurisdiction to invoke the provisions of Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act and Rules of Enforcement of Interest and Recovery of Debt Laws (Amendment) Act as against the Secured Assets since it is not a Non Performing Asset as per guidelines of the Reserve Bank of India.
vi. To issue such other reliefs as this Hon'ble Court may deem fit and proper in the circumstances of the case.
2. The learned counsel for the petitioner submits that the course being pursued by the respondent Bank for selling the property belonging to the petitioner over which security interest has been created, as per Exts. P3 and P4 sale notices dated 04.11.2013, is not correct or proper and that no date of sale or time has been mentioned therein, by virtue of which irreparable loss and hardships will be caused to the petitioner. Hence the writ petition.
3. The learned standing counsel for the respondent Bank submits that Exts. P3 and P4 are only in respect of the preliminary proceedings and that proper sale notice will be issued in accordance with law, in the due course. It is also stated that steps are still to be pursued to file a petition under Section 14 of SARFAESI Act before the concerned Chief Judicial Magistrate's Court for getting an Advocate Commissioner appointed, to take over the physical possession of the property in question. It is stated that the petitioner has availed two loans and as on date, a sum of more than Rs. 26.9 lakhs is outstanding in respect of the two loan transactions.
4. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability and that the only prayer is to permit the petitioner to wipe off the entire liability in a phased matter.
5. Considering the extent of liability to be cleared and in view of the limited nature of relief sought for, this Court finds it fit an proper to permit the petitioner to clear the liability by way 'eight' equal monthly installments; the first of which shall be effected on or before the 20th of December 2014, followed by similar installments to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings initiated against the petitioner shall be kept in abeyance. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump from the stage where it stands now.
The Writ Petition is disposed of.
kmd Sd/-
P. R. RAMACHANDRA MENON, (JUDGE)