~~~~~~~~~~~ The petitioners had availed a housing loan of ₹3.5 lakhs from the respondent Bank in the year 2005 creating security interest over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioners 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 petitioners submits that the default was never wilful, but due to some unforeseen circumstances and that the petitioners do not dispute the liability to clear the due amount or the rights and liberties of the respondents in proceeding against the petitioners. The limited relief now pressed before this Court is to permit the petitioners to clear the 'overdue' amount, granting some breathing time in this regard and to have the loan account regularised.
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3. The learned counsel appearing for the respondent Bank submits on instructions that, the overdue amount in respect of the defaulted monthly instalments is nearly ₹45,000/-.
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 petitioners to clear the 'overdue' amount of Rs.45,000/- within one month. This shall be in addition to satisfaction of the regular EMIs as well. Subject to this, the coercive proceedings being pursued against the petitioners shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of the over due 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 petitioners for realization of the entire amount in a lump, from the stage where it stands now. The petitioners 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.
ps/12/11/2014 Sd/- P.R.RAMACHANDRAMENON, JUDGE.