The petitioner had availed a Cash Credit facility of Rs. 2 lakhs from the respondent/Nedumangad Co-operative Urban Limited in the year 2013. By virtue of the default on the part of the petitioner, the Bank proceeded with the steps under the SARFAESI Act , which is sought to be intercepted in this writ petition. 2. The learned Counsel for the petitioner submits that the default occurred was not because of any wilful laches or deliberate negligence, but because of some unforeseen circumstances. The learned Counsel for the petitioner submits that the petitioner does not intend to dispute the liability or to avail the statutory remedy by approaching the DRT.. It is however assured that the entire 'overdue' amount as well as regular E.M.Is will be cleared, without fail, if some breathing time is given. It is also submitted that the condition imposed by this court vide order dated 06.11.2014 has been complied with.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that a sum of Rs.76,222/- is 'overdue'
W.P.(C)No.29202 OF 2014
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towards defaulted installments.
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the liability towards the 'overdue' amount by way of 'four' equal monthly installments, the first of which shall be effected on or before 30.11.2014, followed by similar installments to be effected on or before 30th of the succeeding months. Subject to this, the loan account will stand regularised and all coercive proceedings shall be kept in abeyance. This will be in addition to the liability to clear the regular monthly installments as well. It is further made clear that, if the petitioner commits any default in remitting the overdue amount/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump, pursuing such steps, from the stage where it stands now.
The writ petition is disposed of as above.
P.R.RAMACHANDRA MENON JUDGE lk