The petitioners availed a loan of Rs.18,90,000/- (Rupees Eighteen lakhs ninety thousand only) from the 1st respondent 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. When the matter came up for consideration before this Court on 15.12.2014, 'status quo' was ordered subject to satisfaction of a sum of Rupees Three lakhs within one week, which period will expire only on 22.12.2014.
3. The learned counsel for the petitioners submits that, steps have already been taken to deposit the said amount and the prayer is to enable the petitioner to liquidate the balance liability by way of reasonable instalments.
W.P.(C) No.33659 of 2014 2
4. The learned counsel appearing for the respondent Bank submits that the total liability as on 15.12.2014 is nearly Rs.16,45,000/- (Rupees Sixteen lakhs forty five thousand 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 liability cleared, for which some breathing time is sought for. It is stated that the petitioners do not intend to dispute the liability nor do they intend to avail the statutory remedy by approaching the D.R.T.
In the said circumstances, the petitioners are directed to comply with the directions already given by this Court as per the interim order dated 15.12.2014 and the balance amount shall be cleared by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 20th of January, 2015, followed by similar installments, to be effected on or before the 20th of the succeeding months. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to W.P.(C) No.33659 of 2014 3 the satisfaction of the 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