The petitioner availed two agricultural loans from the 3rd respondent, to an extent of `5,00,000/- (Rupees Five lakhs only) & `2,54,000/- (Rupees Two lakh fifty four thousand only) 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 petitioner to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the loan account became NPA on 31.12.2013 and the total outstanding liability as on 01.01.2014 is nearly `9,86,781/- (Rupees nine lakh eighty six thousand seven hundred and eighty one only), out of which a sum of `35,000/- (Rupees thirty five thousand only) is in respect of the defaulted instalments. The possession of the property has been taken over on 17.10.2014.
3. The learned counsel for the petitioner submits that, the default was never wilful, but because of some unforeseen WP(c). No. 27873 of 2014 2 circumstances and that steps are being taken, to have the 'entire liability' cleared, for which some breathing time is sought for.
After hearing both the sides, the petitioners are directed to satisfy the 'entire outstanding liability' by way of 'ten' equal monthly instalments, the first of which shall be effected on or before the 15th of November, 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 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
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