The petitioners, who had availed a loan from the respondent bank, defaulted in repayment of the same. Consequently the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P3 is the order of the Chief Judicial Magistrate Court, Thodupuzha. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.
2. I have heard the learned counsel appearing for the petitioners as also the learned Standing counsel appearing for the respondent bank.
On a consideration of the facts and circumstances of the case and the submissions made across the bar and also taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:- W.P.(C).No.35398/2017 2
(i) The overdue amount, in respect of the loan availed by the petitioners, is stated to be Rs.1,80,000/-. Accordingly, if the petitioner pays the said amount of Rs.1,80,000/- together with accrued interest and other charges in twelve equal and successive monthly installments commencing from 27.11.2017, and continues to keep up the regular installment payments as per the original loan schedule, then the further proceedings initiated against them by the respondent bank shall be kept in abeyance.
(ii) It is further made clear that if the petitioners commit a default in respect of any of the installments, they will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against them from the stage at which they presently stand.
(iii) The respondent bank shall furnish the petitioners with an up-to-date statement, of the dues position together with interest, within ten days from today so as to enable the petitioners to discharge their liability in accordance with the directions in this judgment.
A.K.JAYASANKARAN NAMBIAR JUDGE prp/17/11/17