The petitioner is aggrieved with the proceedings under the SARFAESI Act, taken for recovery of the amounts in the cash credit account of the petitioner which had a limit of Rs.20 lakhs and far exceeds the same as on today. The total outstanding in the said account as on 14.06.2014 is said to be Rs. 24,16,848/-. The petitioner prays that he may be permitted to settle the same in installments and also takes up a contention that if he is allowed to sell of a portion of the mortgaged property, then that would suffice in satisfying the entire loan amount. However, the property being mortgaged with the respondent Bank, it may not be proper for this Court to issue any direction with respect to such sale, which is in the exclusive domain of the Bank. If at all the petitioner makes such an application, the Bank would have to consider it only on the basis of the offer made and on the specific condition that the sales proceedings would be credited to the Bank. This is not indicative of any direction as such, and, it would be WPC.14898/2014 : 2 : for the Bank to consider such prayers.
2. With respect to the instalment plea, this Court is of the opinion that a fair opportunity can be given so as to settle the entire dues; only in the context of the petitioner, in such circumstance would be avoiding a distress on his property. The petitioner would be, hence, granted 15 installments to pay off the entire arrears as on 14.06.2014 as indicated above. The first installment shall be paid on 16.07.2014 and followed up with payments on every 16th of the succeeding months. On the installments being made as directed herein above, the petitioner shall be issued with a further statement of subsequent interest from 14.06.2014; which shall be settled as the 16th installment. Consecutive two defaults would entitle the Bank to revive the recovery proceedings. Any applications made for permission to sell the property before the Bank, shall not entitle the petitioner to default in the aforesaid installments.
3. It is made clear that in the context of two consecutive defaults, the proceeding kept in abeyance by this Court, would revive from the stage, at which it has been WPC.14898/2014 : 3 :
interdicted now by this Court.
With the above observation, writ petition petition is disposed of.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge