The petitioners availed a mortgage loan of `80 lakhs from the respondent Bank. Since the repayment could not be effected as scheduled, the Bank proceeded with steps under the SARFAESI Act, as borne by Ext.P2, which made the petitioners to approach this Court by filing this writ petition.
2. When the matter came up for consideration on 03.09.2014, the following interim order was passed:
“Admit. Issue notice to R1 and R2.
Petitioners shall not be dis-possessed from their residential property as threatened at Ext.P2 for one month, on the petitioners depositing an amount of Rs.2.5 Lakhs within that period.”
3. Learned counsel for the petitioners submits that, the direction contained in the interim order has already been complied with. He also submits that, the default was never wilful, but because of some unforeseen circumstances and that the petitioners are ready to clear the entire 'outstanding liability, for which some breathing time is sought for.
4. Learned counsel for the respondent Bank submits that, WP(c). No. 23624 of 2014 2 the total 'outstanding' liability is about `27 lakhs as on 30.06.2014.
4. After hearing both the sides, the petitioners are directed to satisfy the 'entire liability' by way of 'eight' equal monthly instalments, the first of it shall be effected on or before the 10th of November, 2014, followed by similar installments, to be effected on or before the 10th 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 the satisfaction of the 'liability' as above, it will be open for the respondent Bank 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.
Sd/-
P.R. RAMACHANDRA MENON, JUDGE.
Pn