1. The petitioner availed a loan of Rs.7,50,000/- (Rupees Seven lakhs fifty thousand only) on 11.09.2011, creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank proceeded with steps under the SARFAESI Act, which made the petitioner to approach this Court by filing the writ petition.
2. The learned counsel for the petitioner submits that, the default was never wilful, but because of the frustrating circumstances, including the serious ailments of the petitioner, including hospitalisation for different surgeries. Medical records have also been produced before this Court in respect of one such instance as borne by Ext.P1. The learned counsel further submits that, there is no dispute with regard to the liability or the rights and liberties of the Bank in proceeding with steps under the SARFAESI Act and that the petitioner is ready to liquidate the liability, for which some breathing time is sought for by way of W.P.(C) No.29571 of 2014 2 reasonable instalments.
3. The learned counsel appearing for the respondent Bank submits on instructions that, as against the total 47 instalments, only 7 instalments were paid and the account was declared as 'N.P.A.' on 30.09.2013. Part of the funds were diverted by the petitioner and it was in the said circumstances, that the proceedings was pursued, leading to issuance of notice, to have the sale conducted on 15.11.2014. It is stated that, the total outstanding liability is nearly Rs.12,05,242/- (Rupees Twelve lakhs five thousand two hundred and forty two only) plus subsequent interest and costs.
4. After hearing both the sides, the petitioner is directed to satisfy the entire outstanding liability, by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 30th of November, 2014, followed by similar installments, to be effected on or before the 30th 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 W.P.(C) No.29571 of 2014 3 satisfaction of the entire liability as above, it will be open for the respondents 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