The petitioner availed of a housing loan and had committed default in the same. The loan was sanctioned in the year 2010 and was for a period of 14 years. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments. 2. In the circumstances of the petitioner satisfying the entire arrears/default in two instalments along with the regular payment of EMIs, on the respective due dates, there shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the satisfaction of the arrears and also on regular EMIs being paid. The arrears shall be paid on 24.07.2014 and on 24.08.2014.
Writ petition disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P .A To Judge.