The petitioner availed two loans from the respondent Bank creating security interest over the property in question. By virtue of the default on the part of the petitioner in repaying the due amount, both the accounts were declared as 'N.P.A.' on 30.09.2012.
2. The learned counsel for the respondents submits that, a total sum of nearly Rs.6,86,316/- (Rupees Six lakhs eighty six thousand three hundred and sixteen only) is due as on 13.12.2014 under the above two loans. It is also brought to the notice of this Court that, the petitioner had availed another term loan, which was also declared as 'N.P.A.' and steps are being pursued to have the due amount realised by deploying the machinery under the SARFAESI Act. It is submitted that the total outstanding liability under the said loan is nearly Rs.1,88,000/- (Rupees One lakh eighty eight thousand only) and that the said instance has not been disclosed in the writ petition.
W.P.(C) No.33236 of 2014 2
3. The learned counsel for the petitioner submits on instructions that, the petitioner was not aware of the steps taken by the Bank for the realisation of the amount under the 3rd loan and no notice has been issued to the petitioner in this regard. In any view of the matter, it is stated that the petitioner does not intend to dispute the liability and the prayer is only to enable the petitioner to clear the 'entire liability' by way of reasonable instalments.
4. After hearing both the sides, considering the fact that the entire outstanding liability under all the three loans is to the tune of Rs.8,74,532/- (Rupees Eight lakhs seventy four thousand five hundred and thirty two only) as on 13.12.2014, the petitioner is set at liberty to wipe off the entire liability in a phased manner. The said amount shall be cleared by way of 'nine' monthly instalments. The initial eight instalments shall be at the rate of Rupees One lakh each, the first of which shall be effected on or before the 31st of December, 2014, followed by similar installments, to be effected on or before the last working day of the succeeding months. The last instalment shall constitute the requisite amount so as to top up the figure and to have the loan W.P.(C) No.33236 of 2014 3 account closed. Subject to this, the recovery proceedings shall be kept in abeyance, for the time being. It is made clear that, if any single default is committed with regard to satisfaction of the liability as above, it will be open for the respondents to proceed with further steps for realization of the entire amount in lump, by pursuing such steps from the stage where it stands now.
The writ petition is disposed of.
P.R. RAMACHANDRA MENON, JUDGE sp