The petitioner had availed overdraft facility of ₹3 lakhs from the respondent Bank in the year 2006, creating security interest over the property in question. But the repayment could not be effected promptly, when the respondent Bank proceeded against the petitioner by resorting to the remedy under the SARFAESI Act which in turn is under challenge in this writ petition. 2. The learned counsel for the petitioner submits that the default was never wilful, but due to some unforeseen circumstances and that the petitioner does not dispute the liability to clear the due amount or the rights and liberties of the respondents in proceeding against the petitioner. The limited relief now pressed before this Court is to permit the petitioner to clear the entire liability, granting some breathing time in this regard. The counsel further submits that to prove the bona fides, the petitioner is ready to satisfy a sum of ₹1 lakh before W.P.(C) No.33986 of 2014
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the date and time of sale scheduled to be conducted on 23.12.2014.
3. The learned counsel appearing for the respondent Bank submits on instructions that, the total total liability as on 18.12.2014 is `7.49 lakhs and further that the cash credit facility availed in the year 2006 was only for one year.
4. After hearing both the sides, in view of the submission made by the learned counsel for the petitioner that he does not dispute the facts and figures but for seeking an opportunity to discharge the entire liability by way of reasonable instalments, the petitioner is directed to deposit a sum of ₹1 lakh before the date and time of sale scheduled to be held on 23.12.2014. The balance amount shall be cleared by way by way of 'four' equal monthly instalments, the first of which shall be effected on or before the 20th day of January, 2015; followed by similar instalments to be effected on or before the 20th of succeeding months. Subject to this, the coercive proceedings being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of liability as above, it will be open for the W.P.(C) No.33986 of 2014
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respondent Bank to proceed against the petitioner for realization of the entire amount in lump, from the stage where it stands now. The petitioner shall produce a copy of the judgment along with a copy of the writ petition before the concerned respondent for further steps.
Writ petition is disposed of.
P.R.RAMACHANDRA MENON,
JUDGE
sj