The petitioners availed a term loan of Rs.55,00,000/- (Rupees Fifty five lakhs only) and a cash credit facility to the tune of Rupees Twenty lakhs from the respondent in the year 2009. 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 for the respondent submits that, the loan account was regularised earlier pursuant to the request made by the petitioner in this regard. The total outstanding liability as on 26.11.2014 is nearly Rs.78,12,482/- (Rupees Seventy eight lakhs twelve thousand four hundred and eighty two only).
3. The learned counsel for the petitioners submits that the default was never wilful, but because of some unforeseen W.P.(C) No.31689 of 2014 2 circumstances and that steps are being taken, to have the entire 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.
4. Considering the particular facts and circumstances, the petitioners are set at liberty to discharge the entire liability by way of ‘eight’ equal monthly instalments. The initial seven instalments shall be at the rate of Rupees Ten lakhs each, the first of it shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. The last instalment shall constitute the requisite amount so as to top up the figure and to liquidate the liability in toto. 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 entire liability as above, it W.P.(C) No.31689 of 2014 3 will be open for the respondent 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