The petitioners availed a Mortgage/'Vyapar' loan of Rupees Three lakhs from the respondent Bank 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 petitioners to approach this Court by filing this writ petition.
2. The learned counsel appearing for the respondent Bank submits that the outstanding liability as on 31st October, 2014 is Rs.2,16,935/- (Rupees Two lakhs sixteen thousand nine hundred and thirty five only).
3. The learned counsel for the petitioners submits that the default was never wilful, but because of some unforeseen circumstances and that steps are being taken, to have the loan account cleared, for which some breathing time is sought for. It is stated that the petitioners do not intend to dispute the liability. After hearing both the sides, the petitioners are directed to W.P.(C) No.29053 of 2014 2 satisfy the entire liability, by way of 'five' equal monthly instalments, the first four instalments shall be at the rate of Rupees 'Fifty thousand each' and the 5th (last) instalment shall constitute the balance amount to top up the figure to have the loan account closed. The first instalment 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. Confirmation of the sale scheduled to be held tomorrow shall be kept in abeyance, for the time being, which shall be subject to satisfaction of the liability as aforesaid. It is made clear that, if any single default is committed with regard to the 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