~~~~~~~~~~~ The petitioner had availed a loan of ₹3 lakhs from the respondent Bank in the year 2009 creating security interest 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 respondent in proceeding against the petitioner. The limited relief now pressed before this Court is to permit the petitioner to clear the 'overdue' amount, granting some breathing time in this regard and to have the loan account regularised.
W.P.(C) No.30901/2014 2
3. The learned counsel appearing for the respondent Bank submits on instructions that, the total outstanding liability to close the loan account is nearly ₹4,21,853/-, out of which the overdue amount in respect of the defaulted monthly instalments is nearly ₹2,90,173/-.
4. In the above facts and circumstances, the petitioner is given one more chance to make the loan account regaularised. The entire overdue amount shall be cleared by way of 'four' equal monthly instalments; the first of which shall be effected on or before 15th of December, 2014,followed by similar instalments to be effected on or before the 15th of succeeding months. The loan account shall stand regularised accordingly and this shall be in addition to the liability of the petitioner to clear the regular EMIs without fail. Subject to this, the recovery proceedings shall be kept in abeyance for the time being. If any default is committed with regard to the satisfaction of 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 reaslization of the W.P.(C) No.30901/2014 3 entire amount in a lump, 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 as above.
sd/- P.R.RAMACHANDRAMENON, JUDGE.
ps/20/11/2014