The petitioner availed two Housing loans of Rupees Four lakhs and Rupees One lakh on 18.02.2006 and 14.08.2006 respectively and a cash credit facility to the tune of Rupees One lakh on 01.09.2005, which was subsequently enhanced to Rs.1,50,000/- (Rupees One lakh fifty thousand only) on 13.10.2006 from the 2nd respondent Bank. Since, the timely repayment could not be effected, the Bank proceeded with steps under the SARFAESI Act, which in turn are under challenge in this writ petition.
2. The learned counsel for the respondents submits on instructions that, the total outstanding liability as on date is nearly Rs.5,47,000/- (Rupees Five lakhs forty seven thousand only).
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that the petitioner does not intend to dispute the liability or the rights and liberties of the respondent Bank to W.P.C.No.30861 of 2014 2 proceed with steps under the SARFAESI Act. The prayer is only to give a chance to the petitioner to clear the entire liability, by way of reasonable instalments.
4. After considering the facts and circumstances, the petitioner is permitted to clear the liability by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 30th of December, 2014, followed by similar instalments, to be effected on or before the last working day of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to the satisfaction of the entire amount as above, it will be open for the respondents to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE sp