The petitioner availed a loan of ₹10,00,000/- from the respondent Bank, creating security interest over the property in question. Due to some unforeseen business loss, the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act, issuing Exts. P1 and P2 notices, which in turn are under challenge in this writ petition.
2. The learned counsel for the petitioner submits 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 regularized. It is also stated that, the petitioner does not intend to pursue the matter before the DRT.
3. The learned counsel for the respondent Bank submits on instructions that, the total outstanding liability as on 31.10.2014 is nearly ₹11,19,785/- and that the entire liability may be directed to be cleared.
W.P.C. No. 30727 of 2014 -2-
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 entire liability by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 15th day of December, 2014; followed by similar instalments to be effected on or before the 15th of succeeding months. Subject to this, 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 with regard to repayment of the liability as above, it will be open for the respondent Bank to proceed against the petitioner for realization of the 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 respondent for further steps. Writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE.
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