The petitioners are husband and wife and they had availed two different loans ( of Rs.1.5 lakh each) from the respondent Bank/Kottayam District Co-operative Bank Ltd, which, however could not be repaid on time, as scheduled. This made the respondent Bank to proceed with further steps invoking the relevant provisions under the SARFAESI Act, which is sought to be intercepted in the present Writ Petition.
2. Heard Mr.Sunil Cyriac, the learned Standing Counsel appearing for the respondent Bank as well.
3. The learned Counsel for the petitioners submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. It is also submitted that the first petitioner met with an accident and is not in a position to continue his job; simultaneously adding that the petitioners are ready and willing to clear the entire liability under both the loans, provided some breathing time is given in this regard.
W.P(C)No.25570 OF 2014 2
4. Considering the facts and circumstances, the petitioners are directed to clear the entire liability under both the loans by way of 'ten' equal monthly installments, the first of which shall be paid on or before 10.11.2014, followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to the above, all coercive steps stated as being pursued against the petitioners vide Ext.P1 shall be kept in abeyance. It is further made clear that if any default is committed by the petitioners in satisfying the liability as above, the respondent Bank is permitted to proceed against the petitioners for realisation of the entire amount in a lump by continuing the proceedings from the stage where it stands now.
The Writ Petition is disposed of as above.
P.R.RAMACHANDRA MENON JUDGE lk