The petitioner is a chronic defaulter who is aggrieved by the proceedings initiated by the respondent Bank for satisfaction of debts due. It is submitted that SARFAESI proceedings were initiated in the year 2011 and on a Securitisation Application, the Debt Recovery Tribunal of (Kerala and Lakshadweep) at Ernakulam passed an interim order granting certain instalments for the defaulted amounts so as to regularize the loan account. The petitioner having not complied with that, the application was disposed of in the year 2012, again granting some instalments to clear the entire arrears. That also was not complied with and the petitioner was before this Court in a writ petition wherein Ext.P4 order was passed extending time granted by the DRT. Again the WP(C).13471/14 2 petitioner committed default. In such circumstances, there can be no equity granted to the petitioner for instalments or to regularize the loan account. In the circumstances of the fervent plea made by the learned counsel that the petitioner would settle the entire arrears within a period of three months from today, the Bank shall keep in abeyance the securitisation proceedings till then. If the petitioner is not able to comply with the direction issued herein and satisfy the entire loan account on or before 30.08.2014, the petitioner shall surrender the possession of the building to the respondent Bank without any further delay, at any rate, before 07.09.2014. Writ petition disposed of.
Sd/- K.VINOD CHANDRAN, Judge Mrcs