The petitioner had availed a housing loan of ₹2 lakhs from the respondent Bank in the year 2005 creating security interest over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act, which in turn is under challenge in this writ petition.
2. The learned counsel for the respondent Bank submits that the petitioner had approached this Court earlier, by filing W.P.(C). No. 16328 of 2010 which was dismissed as infructuous. The learned counsel for the petitioner submits that the petitioner is suffering from 'carcinoma' and the same disease has been identified for her husband as well. When the proceedings were taken by the Bank invoking the remedy under the SARFAESI Act, the factual position in this regard was brought to the notice of the authorities of the Bank, who were gracious enough to withdraw the proceedings, enabling the petitioner to satisfy the liability W.P.C. No. 26342 of 2014 -2-
towards the Bank in the due course. It was in the said circumstance, that said writ petition was dismissed as infructuous.
3. The petitioner took earnest efforts to make some payment to the Bank even compromising with the treatment expenses. It is stated that the petitioner has effected payment of around ₹35,000/-, even after issuance of Ext.P3. The marriage of the younger daughter was held on 29th of the last month. The learned counsel submits that, the petitioner does not intend to dispute the liability and the prayer is only to give some breathing time to clear the entire liability.
4. The learned counsel for the respondent Bank submits that the total outstanding liability to clear the loan, as on 12.10.2014, is ₹2,29,862/-.
5. After hearing both the sides, this Court finds it fit and proper to permit the petitioner to clear the entire liability by way of 'eight' equal monthly instalments, the first of which shall be effected on or before the 30th day of October, 2014; followed by similar instalments to be effected on or before the 30th of the W.P.C. No. 26342 of 2014 -3-
succeeding months. Subject to this, the coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of the entire liability as above, it will be open for the respondent Bank to proceed against the petitioner for realization of the entire amount in lump, from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE.
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