The petitioner is aggrieved by the recovery proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( for short 'SARFAESI Act'), for recovery of the amounts due under the term loan as also a cash credit. The petitioner prays that the petitioner may be given some time so as to regularise the loans. The learned Standing Counsel appearing for the Bank submits that in view of the huge default and the credit worthiness of the petitioner being not satisfactory, the respondent had recalled both the loans and had initiated proceedings. In such circumstance, regularisation is not possible; is the specific contention. However, this Court is of the opinion that the petitioner can be granted ten installments to pay the defaulted amounts. In such circumstance, this writ petition is disposed of on the following terms:- (i) The petitioner shall produce a certified copy of this judgment before the respondent within two weeks of receipt of the same.
(ii) The respondent shall quantify the amounts due under the various transactions of the petitioner and inform the petitioner in writing the amounts due as on 15.06.2014.
(iii) The 2nd respondent shall grant ten monthly instalments for the payment of the balance dues, starting from 02.07.2014.
(iv) Recovery proceedings shall be kept in abeyance on condition that the remittances as per this order are made without any default.
(v) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(vi) On the 10th instalment being satisfied, the respondent shall issue a statement of the interest accrued from 15.06.2014 which shall be satisfied by the petitioner on the 2nd of the succeeding month.
(vii) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.
Writ Petition is disposed of as above, making it clear that the respondent will be free to proceed with the recovery if the above conditions are not complied with.
Sd/-
K.VINOD CHANDRAN, jma Judge //true copy// P.A to Judge