The petitioner availed an education loan of Rs.11 lakhs from the respondent bank in the year 2008. Admittedly, the petitioner committed default in paying the instalments. Consequently, the loan was classified as NPA and SARFAESI proceedings were initiated. A notice under section 13(2) of the SARFAESI Act was issued to the petitioner and it was followed by a notice for taking possession of the property in question by the Advocate Commissioner. It is in the said circumstances that this writ petition has been filed mainly seeking quashment of Ext.P3 notice and for further consequential reliefs. 2. I have heard the learned counsel appearing for the petitioner and also the learned standing counsel appearing for the respondents.
3. Evidently, the petitioner did not dispute the liability nor the quantum in respect of the loan transaction in question. The learned counsel for the petitioner submitted that if W.P.(C) No. 12004 of 2014 2 three months' time is granted to the petitioner he would clear the entire amount in default. It will not be possible and permissible to regularise the loan account without clearing the entire outstanding dues. Having heard the rival contentions and taking note of the submission made by the learned counsel appearing for the petitioner regarding the willingness on the part of the petitioner to clear the outstanding dues in three months I am inclined to dispose of this writ petition as hereunder:-
The petitioner shall pay the outstanding dues towards the loan transaction that led to the issuance of Ext.P3 notice, in three equal monthly instalments commencing from 5.6.2014. The next two instalments shall also be paid respectively on 05.07.2014 and 05.08.2014. Along with such instalments the petitioner shall also to pay the current EMI. If such payments are effected without any fail the respondents shall regularise the loan account and permit the petitioner to pay the balance liability in terms of the loan agreement. To enable the petitioner to pay the amount as aforesaid the respondents shall keep in abeyance the coercive steps pursuant to Ext.P3 till the expiry of the said stipulated period. However, it is made clear that in case the petitioner commits any default in W.P.(C) No. 12004 of 2014 3 effecting the payment in terms of this judgment the respondents will be free to proceed with proceedings already initiated, in accordance with law.
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C.T.RAVIKUMAR,JUDGE.
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