The petitioner availed a 'term loan' of `37,00,000/- (Rupees thirty seven lakhs) from the respondent Bank 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 petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the total outstanding liability as on date is `37,45,229/- (Rupees thirty seven lakhs forty five thousand two hundred and twenty nine only) + subsequent interest from 01.07.2014 and other charges.
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 'total outstanding liability' cleared, for which some breathing time is sought for. The learned counsel also submits that, thought the petitioner has applied for the benefit of 'One Time Settlement Scheme, the same was rejected by the Bank.
WP(c). No. 30534 of 2014 2 After hearing both the sides, the petitioner is directed to satisfy the 'entire liability' by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 15th of December, 2014, followed by similar installments, to be effected on or before the 15th 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 'liability' 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.
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P.R. RAMACHANDRA MENON, JUDGE.
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