The petitioner availed a loan of `7,50,000/- (Rupees seven lakh fifty thousand only) from the respondent Bank on 16.08.2010, 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 total 'outstanding liability'as on date is `10,35,462/- (Rupees ten lakh thirty five thousand four hundred and sixty two only).
3. The learned counsel for the petitioner submits that the default was never wilful, but because of some unforeseen 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 petitioner is directed to satisfy the 'entire liability', by way of 'eight' equal monthly WP(c). No. 32259 of 2014 2 instalments, the first of which be effected on or before the 20th of December, 2014, followed by similar installments, to be effected on or before the 20th 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 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.
Pn