The petitioner availed a housing loan of Rs.2,80,000/- (Rupees Two lakhs eighty thousand only) from the respondent Bank in the year 2006 on the strength of security interest created over the property in question. 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 outstanding liability as on 20.08.2014 is nearly Rs.3,62,000/- (Rupees Three lakhs sixty two thousand only), out of which, a sum of Rs.1,09,500/- (Rupees One lakh nine thousand and five hundred only) is 'overdue' in respect of the defaulted instalments.
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the W.P.(C) No.26898 of 2014 2 'overdue' amount cleared, for which some breathing time is sought for. It is stated that the petitioner does not intend to dispute the liability, nor does he intend to avail the statutory remedy by approaching the D.R.T.
4. The learned counsel for the respondent Bank points out that, the petitioner had approached this Court earlier by filing WP (C) No.21115 of 2014, wherein interference was declined as per Ext.P7 judgment dated 20.09.2014.
5. The learned counsel for the petitioner submits that the prayer sought for in that writ petition was entirely different and the same was with reference to the question whether the SARFAESI Act could have been invoked by a Co-operative Bank. This Court finds that, the issue is considered and decided in the Ext.P7 judgment is entirely different from the nature of relief sought for in the present writ petition.
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 it shall be effected on or before the 15th of November, 2014, followed by W.P.(C) No.26898 of 2014 3 similar installments, to be effected on or before the 15th 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.
P.R. RAMACHANDRA MENON, JUDGE sp