The petitioner availed a housing loan of `14,00,000/- from the 2nd respondent Bank in the year 2008. But since timely installments were not satisfied, the petitioner’s account was declared as NPA and the Bank proceeded with further steps under SARFAESI Act, which is under challenge in this writ petition. 2. The learned Stating Counsel appearing for the respondent Bank submits on instructions that, after availing the housing loan, the petitioner did not effect any construction and as such, the loan account is not liable to be regularized. The total outstanding liability as on 30.06.2014 is about `16,59,290/-. The learned counsel for the petitioner submits that the petitioner does not intend to dispute the liability or rights and liberties of the respondent Bank in proceeding with steps under the SARFAESI Act and that the prayer is only to grant some installment facility to wipe off the entire liability.
3. After hearing both the sides, the petitioner is directed to satisfy the entire liability by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 30th W.P.(C). No. 26479 of 2014 2 of October, 2014, followed by similar installments, to be effected on or before the 30th 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 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.
DSV/14/10 Sd/-
P.R. RAMACHANDRA MENON, JUDGE.