1.Heard the learned counsel for the petitioner and the learned standing counsel for the respondents.
2. Petitioners availed of a housing loan from the respondents. The loan was of the year 2000 and the amount was to be repaid within a period of 15 years. Default was committed and SARFAESI proceedings were initiated. The petitioners approached the Debts Recovery Tribunal by filing S.A.650/12. In that S.A., the Tribunal passed Ext.P4 conditional order of stay which was not complied with. As a result, by Ext.P5 order, the Tribunal vacated Ext.P4 order. Subsequently, the writ petition has been filed to avoid the continuance of the SARFAESI proceedings.
3.When the matter came up for orders on 28.2.2013, this Court granted stay for one month subject to the petitioner remitting WPC.2521/13 2 Rs.1,00,000/- and that order, according to the respondents also, has been complied with.
4.As far as the merits of the case are concerned, admittedly, the petitioners are defaulters and SA.650/12 filed by them is still pending consideration of the Tribunal. Therefore, on merits, this Court cannot interfere with the matter in any manner. Be that as it may, if the petitioners are still desirous of clearing off the liability, I allow them to do so by paying the amounts in six equal monthly instalments. First instalment shall be paid on or before 30.4.2013 and the subsequent instalments shall be paid on or before the 30th of every succeeding months. Subject to payment as above, coercive action will stand deferred and in case of default, the respondents will be at liberty to continue with the recovery action. Writ petition is disposed of as above.
Sd/-
ANTONY DOMINIC Judge kkb.2/4.