The petitioner is aggrieved by the securitization proceedings against the petitioner's property for satisfaction of the housing loan; admittedly defaulted by the petitioner. On admission of this writ petition, this court had granted stay of dispossession on condition of the petitioner making payment of 1 lakh each in two installments within four weeks. It is submitted by the learned counsel for the respondent that the same has not been complied with. The learned counsel for the petitioner submits that it was only due to the financial stringency of the petitioner that the interim order could not be complied with and prays for installments. This Court had already granted an interim order of stay of dispossession on condition. The petitioner having not complied with the same, effectively has frustrated the attempt of the bank to take possession. The petitioner, hence would have to first satisfy the condition in the interim order. 2. The petitioner, hence, is directed to deposit an WPC.6512/2014 : 2 :
amount of Rs.2 lakhs within three weeks from today, failing which the Bank would proceed with the recovery initiated against the property. However, if the deposit as directed above is made, the Bank shall issue a statement of account as to the pending balance amount as on 15.06.2014 and the same shall be satisfied in six equal monthly installments starting from 30.06.2014 and on every 30th of the succeeding months. On the petitioner satisfying the amounts as per the statement, the Bank shall issue a statement for further interest if any and the same shall be satisfied as the next installment on the 30th of the very next month. If the petitioner, in the course of the period allowed by this Court, makes two consecutive default, the Bank shall be entitled to proceed against the property of the petitioner. On the petitioner complying with the conditions, the Bank shall keep recovery in abeyance, till the entire loan is satisfied as per the directions herein above, and close it on the entire loan being satisfied.
Writ petition disposed of. No costs.
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(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge