of ₹ The petitioner availed two housing loans to the tune 10,47,857/- from the respondent Bank on the strength of the security interest created over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act, which in turn is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that the default was never wilful, but due to some unforeseen circumstances and that the petitioner does not dispute the liability to clear the due amount or the rights and liberties of the respondents in proceeding against the petitioner. The limited relief now pressed before this Court is to permit the petitioner to clear the -2-
W.P.(C). No. 28388 of 2014 'overdue' amount, granting some breathing time in this regard and to have the loan account regularized.
3. The learned counsel appearing for the respondent Bank submits on instructions that, there are two loans. The 1st one for a sum of ₹ 7,73,579/- and the other one to an extent of ₹ 4,00,000/- which is granted for decorating the house. Altogether the total outstanding liability as on date is nearly ₹ 11,05,603/-, out of which, a sum of about ₹ 1,76,000/- is overdue as on 01.07.2014 towards the defaulted instalments.
4. After hearing both the sides, particularly, in view of the limited relief sought for, this Court finds it fit and proper to permit the petitioner to clear the 'overdue' amount by way of 'three' equal monthly instalments, the first of which shall be effected on or before the 30th day of November, 2014; followed by similar instalments to be effected on or before the 30th of succeeding months. This shall be in addition to satisfaction of the regular EMIs as -3-
W.P.(C). No. 28388 of 2014 well. Subject to this, the loan account will stand regularized. The coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed by the petitioner in satisfying the overdue amount as above, or if any two consecutive defaults are made with regard to the regular EMIs, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in a lump, by pursuing such steps from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON JUDGE das