Petitioners 1 and 2 availed a loan from the first respondent bank. Petitioners 3 and 4 who respectively the wife and the son of the 2nd petitioner stood as sureties to the said loan transaction. Chronic default in the matter of payment of instalments constrained the respondents to resort to proceedings under the SARFAESI Act after classifying the loan as NPA. A notice under Section 13(2) of the Act was issued and subsequently, notice for taking possession was also served on the petitioners. At that point of time, the petitioners approached this Court by filing W.P.(C)No.24861 of 2012. The said writ petition was disposed of as per Ext.P2 judgment. Taking note of the fact that the petitioners did not dispute the liability or the quantum and sought only an opportunity to get the loan regularised the said writ petition was disposed of directing the petitioners to pay off the outstanding dues in three equal monthly instalments. The petitioners were also directed to pay the current EMI as well. In case the petitioners remitted the instalments as scheduled in the said judgment the respondents were directed to regularise the loan transaction and permit the petitioner to WP(C).No.12343/2014 2 pay the balance liability in terms of the loan agreement. The respondents were given liberty to continue with the recovery proceedings in case default is committed by the petitioners. Unfortunate circumstances that followed constrained the petitioners to move this Court again by filing the captioned writ petition. It is submitted that subsequently, the wife of the 4th petitioner had to undergo long and very expensive treatment on being afflicted with the dreaded disease of cancer and finally she succumbed to it. Such circumstances made it impossible for the petitioners to comply with the conditions. Though the petitioners cannot, as a matter of right, claim for any further indulgence in the light of Ext.P2 judgment, I am of the considered view that under the circumstances and in the interest of justice the petitioners should be given a last opportunity to save their property. The learned counsel appearing for the petitioners submitted that in case three months' time is granted the petitioners would close the entire loan transaction with the first respondent. In the light of the said submission and upon hearing the learned standing counsel for the respondents, as well, this writ petition is disposed of granting three months' time to the petitioners to close the loan transaction with the first respondent that culminated in Ext.P6, and to enable the petitioners to do so the respondents shall keep WP(C).No.12343/2014 3 in abeyance all coercive steps pursuant to Ext.P6 till the expiry of the said period. Needless to say that in case of failure on the part of the petitioners to comply with the aforesaid undertaking it will be open to the respondents to proceed further in accordance with law.
TKS Sd/-
C.T.RAVIKUMAR Judge