The petitioner availed a 'housing loan' of `2,50,000/- (Rupees two lakh fifty thousand only) from the respondent Bank on 06.08.2007, on the strength of security interest created over the property in question. Though the petitioner was sanctioned an amount of `2,50,000/- he had actually availed only `2,00,000/-. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the loan account became NPA on 25.06.2014 and the total outstanding liability as on date is about `3,13,772/- (Rupees three lakh thirteen thousand seven hundred and seventy two only) with interest and other charges, out of which a sum of `1,28,000/- (Rupees one lakh twenty eight only) is in respect of the defaulted instalments. He also submits that a notice under Section 13(2) of the SARFAESI Act and a further notice under Section 13(4) were issued to the petitioner on 13.08.2014 & 26.11.2014 respectively.
3. The learned counsel for the petitioner submits that the WP(c). No.33104 of 2014 2 default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the 'overdue' amount cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioner is directed to satisfy the 'overdue' amount in respect of defaulted instalments, by way of 'four' equal monthly instalments, the first of which shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. This shall be in addition to the liability of the petitioner to clear the regular EMIs. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being and the loan account will stand regularised. It is made clear that, if any single default is committed with regard to the satisfaction of the 'overdue' as above, or if any two consecutive defaults are made with regard to the regular monthly installments, it will be open for the respondent Bank 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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