The petitioner availed of a housing loan in which admittedly default was committed. The petitioner in this writ petition is aggrieved by the recovery proceedings taken under the SARFAESI Act as also possession taken of the residential building, in which the petitioner is residing along with his family. Further proceedings against the property was stayed by this Court in the writ petition, on condition of remittance of Rs.5,00,000/-. The petitioner submits that the petitioner would regularise the Bank account in a time bound manner after credit is given to Rs.5,00,000/- deposited, as per the interim order granted by this Court.
2. The learned Standing Counsel appearing for the respondent Bank, on instruction, submits that the W.P(C) No.12571/2014 ::2::
petitioner had availed of the loan in the year 2010 and the period of loan was 180 months. The loan amount availed of was slightly more than 51 lakhs for constructing a residential building. The default having been committed from the initial stage, it is submitted that more than Rs.8 lakhs is due in the loan account being defaulted installments and further interest is due thereon. It is further submitted that the SARFAESI proceedings were initiated and possession taken of the residential property only in the circumstance of the continued default.
2. In the circumstances stated above and the undertaking of the petitioner that the loan would be settled in a time bound manner, this Court is of the opinion that the respondent Bank be directed to keep the proceedings in abeyance till then. The respondent Bank shall issue statement regarding the defaulted arrears as on 15.06.2014 within a period of two weeks from the date of W.P(C) No.12571/2014 ::3::
receipt of a certified copy of this judgment. The petitioner shall clear off the said arrears in three equal monthly installments starting from 02.07.2014, and on the 2nd of the succeeding two months. When the arrears have been paid up as per the installments granted by this Court, the respondent Bank shall restore the property to the petitioner and permit the petitioner to satisfy the loan account as per the original agreement. If the petitioner settles the entire arrears even before the three month period, necessarily, the property would be restored to the petitioner Writ petition disposed of. No costs.
jma Sd/-
K.VINOD CHANDRAN, Judge //true copy// P.A to Judge