The petitioner availed a loan of ₹ 8 lakhs from the respondent Bank on the strength of the security created over the property in question. Admittedly, there occurred some default pursuant to which, the Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act. Sale of the property concerned stands notified to be held on 05.11.2014 as borne by Ext.P5. The petitioner, as a matter of revelation, has chosen to approach this court on the 11th hour, by filing this writ petition. 2. The learned counsel appearing for the petitioner submits that the default was never wilful, but because of some frustrating pecuniary circumstances, particularly when the son of the petitioner, who took the loan, lost the job. The learned counsel submits that the petitioner is a surety and that earnest efforts are being -2-
W.P.(C). No. 28903 of 2014 made to clear the liability. It is also stated that the son of the petitioner has now secured an employment abroad and indulgence of this Court is sought for to enable the petitioner to liquidate the liability once and for all.
3. The learned counsel appearing for the respondent Bank submits on instructions that there is absolutely no merit or bona fides in the writ petition. The account was declared as 'NPA' as early as on 20.10.2010 and notice under Sec.13(2) was issued on 25.04.2011. The physical possession of the property has been taken over and sale notice was duly published in accordance with law. It is stated that a total sum of ₹ 10.59 lakhs is due to have the loan account closed; out of which, nearly a sum of ₹ 6.8 lakhs is towards the defaulted instalments.
4. After hearing both sides, the petitioner is permitted to satisfy the entire liability by way of 'eight'
instalments. The first instalment shall be of ₹ 2 lakhs to be effected on or before the 30th day of November, 2014.
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W.P.(C). No. 28903 of 2014 The remaining instalments shall be of equal proportion; the first of which shall be effected on or before the 30th day of December, 2014, followed by similar remittances to be made on or before the 30th of the succeeding months. Subject to this, confirmation of the sale proposed to be held on 05.11.2014 shall be kept in abeyance. It is made clear that, if there is any default on the part of the petitioner in satisfying any of the instalments, it will be open for the respondent Bank to proceed with further steps for confirmation of the sale.
Writ petition is disposed of.
Sd/-
P.R. RAMACHANDRA MENON JUDGE das