The petitioner availed a purchase loan of Rs.37,00,000/- (Rupees Thirty seven lakhs only) from the respondent, in the year 2011, on the strength of security interest created over the property in question. Since the repayment could not be effected as scheduled, the respondent 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 there is an 'overdue' amount of Rs.9,61,291/- (Rupees Nine lakhs sixty one thousand two hundred and ninety one only), in respect of the defaulted instalments.
3. The learned counsel for the petitioner submits that the petitioner lost his job due to recession and he returned to Kerala. In the said circumstances, the petitioner could not effect the W.P.(C) No.27478 of 2014 2 repayment. Now, alternate arrangements are being made to repay the 'overdue' amount, 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.
After hearing both the sides, the petitioner is permitted to satisfy the 'overdue' amount in respect of defaulted instalments, by way of 'five' equal monthly instalments, the first of it shall be effected on or before the 15th of November, 2014, followed by 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 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 W.P.(C) No.27478 of 2014 3 for the respondent 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