Bindhu vs Bank Of Baroda

A.M.Badar, J

Heard the learned counsel for the petitioner.

The learned counsel for the petitioner submits that, the petitioner along with her husband had availed three loans from the respondent Bank.

According to the learned counsel for the petitioner, at that time the husband of the petitioner was serving in some foreign country and was earning

handsome amount. However, subsequently the husband of the petitioner came back to India and is addicted to liquor. He subjected the petitioner to

cruelty and as such the petitioner was required to resort to the provisions of Protection of Women from Domestic Violence Act. She has obtained

necessary protection order from the Court of the learned Judicial First Class Magistrate. However, according to the learned counsel for the petitioner,

the petitioner is single handedly willing to clear of the overdue amount of loan in order to protect the mortgaged property which constitute a residential

house and for that purpose the petitioner is desirous of seeking installments for repayment of the overdue amount of loan.

The learned Standing Counsel appearing for the respondent Bank is gracious enough to accede to the request of grant of installments for clearing

the overdue amount of loan but according to her the overdue amount must be cleared in five installments. She submits that the overdue amount is

Rs.11.35 Lakhs whereas the total outstanding against the three loan accounts is about Rs.33 Lakhs. According to the learned counsel for the

respondent Bank, the loan became non performing asset way back in the year 2018. Upon persuasion in an effort to settle the matter by the Court, the

learned counsel for the respondent Bank agrees for grant of ten installments with a condition that no further extension of time should be sought by the

petitioner either for clearing the overdue amount or for paying installments.

In this view of the matter, as the respondent Bank is willing to grant facility of installments to the petitioner in the peculiar facts and circumstances of

the instant case, the petition is disposed of with the following directions:

The petitioner to clear the entire overdue amount in all three loan accounts along with interest and other charges in ten equated successive monthly

installments commencing from 02.08.2021. Apart from that, the petitioner should continue to pay regular installments of loan availed by her. If the

petitioner complies with these directions, then the respondent Bank shall keep the pending action under the SARFAESI Act initiated against the

petitioner in abeyance. A single default on the part of the petitioner in compliance with these directions shall entail the respondent Bank to continue

with the coercive action initiated against the petitioner. No further extension of time shall be granted to the petitioner for compliance with these

directions.