Petitioners challenge Ext.P4 proceedings by which Advocate Commissioner had intimated the petitioner about the order passed by the Chief Judicial Magistrate Court, Kottayam in C.M.P.No.939/2014 permitting the Advocate Commissioner to take possession of 17.43 Ares of land with the building thereon and another item of 1.21 Ares and the improvements therein and to give possession of the same to the respondent bank.
2. The learned counsel for the respondent submits that the outstanding instalments by itself will come to Rs.9,02,149/-. Since the payment has not been made in terms with the contract, steps were taken to take possession of the premises under Section 13 of the SARFAESI Act.
3. The learned counsel for the petitioners submits that already an amount of Rs.1,00,000/- has been paid as per the interim directions issued by this Court on 03/09/2014. Petitioner has also expressed an intention to pay off the entire outstanding dues along with regular instalments in terms with the contract.
4. Having regard to the aforesaid submission and after hearing the learned counsel for the petitioner, I am of the view that some time can be granted to the petitioners to clear the outstanding amount and also to pay the regular instalments. Accordingly, this writ petition is disposed of as under:
i) Petitioners shall pay back the entire defaulted instalments in nine equal monthly instalments. The first instalment shall be paid on or before 05/11/2014. The balance instalments shall be paid in the succeeding months.
ii) In addition to the aforesaid instalments, the petitioners shall also pay the regular E.M.Is as per the terms of the contract between the parties.
Iii) If there is any default in payment of any two instalments or E.M.I, the respondent bank shall be entitled to proceed pursuant to Ext.P4 notice. Until such time, Ext.P4 shall be kept in abeyance.
(sd/-) (A.M.SHAFFIQUE, JUDGE) jsr