The petitioner availed cash credit facility of Rs. 2,50,000/- from the respondent Bank, creating security interest over the property in question. By virtue of the default on the part of the petitioner, the Bank is proceeding with steps under the SARFAESI Act, which in turn 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 outstanding amount will be cleared, without fail, if some breathing time is given.
3. The learned Standing Counsel for the respondent Bank, on instruction, submits that, as on 28.08.2014, a sum of nearly Rs.6,58,050/- was due towards the loan account.
W.P.(C) No. 26842 of 2014 : 2 :
4. After taking note of the particular facts and circumstances, this Court finds it fit and proper to permit the petitioner to clear the 'entire outstanding amount' by way of 'eight' installments commencing from 15.11.2014, followed by similar installments to be effected on or before the 15th of the succeeding months. The recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, 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.
kmd Sd/-
P. R. RAMACHANDRA MENON, (JUDGE)