The petitioner availed of a housing loan and had committed default in the same. The loan was sanctioned in the year 2010 and was for a period of 15 years. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments. 2. The learned Standing Counsel appears and opposes the prayer for installments.
3. In the circumstances of the petitioner satisfying the entire arrears/default in three instalments along with the regular payment of EMIs, on the respective due dates, there shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the WP(C).12527/14 2 satisfaction of the arrears and also on regular EMIs being paid. If any single default is committed during the instalment period granted by this Court, Bank shall proceed with the recovery proceedings initiated. First instalment shall be paid on 24.07.2014 and the balance instalments shall be paid on the 24th of the succeeding months.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, jma Judge //true copy// P.A to Judge