The petitioners availed of a loan of Rs.4 Lakhs and had committed default in the same. 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. Considering the facts of the case and the alleged impecunious circumstances of the petitioners, this writ petition is disposed of, on the following terms:- (i). The respondent Bank shall issue a statement showing the defaulted amounts as on 15.06.2014.
(ii). The respondent Bank shall grant ten monthly instalments for the payment of the balance dues, starting from 30.06.2014.
(iii). Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are WP(C).9226/14 2 made without any default.
(iv) On the petitioners making two consecutive defaults, the recovery steps initiated shall revive and continue.
(v). On the tenth instalment being satisfied, the respondents shall issue a statement of the interest accrued from 15.06.2014 which shall be satisfied by the petitioners on the 30th of the succeeding month.
(vi). On the petitioners satisfying the entire arrears, the recovery Writ Petition is disposed of as above, making it clear that the respondents will be free to proceed with the recovery if the above conditions are not complied with.
Sd/- K.VINOD CHANDRAN, Judge Mrcs //True Copy//