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Judgment
Gopinath P., J
The petitioner availed a housing loan from the respondent bank and committed default in repayment as a result of which proceedings have been initiated against the petitioner under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act). The property of the petitioner which is mortgaged and is a secured asset scheduled to be sold on 25-01-2023.
The learned counsel appearing for the petitioner submits that the petitioner does not dispute the liability and only seeks the indulgence of this Court to permit the petitioner to clear the liability in installments and to pay the overdue amounts and to regularize loan account in some installments.
The learned counsel appearing for the respondent bank states that as on date the over due amounts is Rs. 10,77,826/- (rupees Ten Lakh Seventy Seven Thousand Eight Hundred Twenty Six only). It is submitted that the petitioner can be permitted to clear the over due amounts in 12 installments and the sale scheduled on 25-01-2023 can be adjourned provides the petitioner pays first installments on or before 23-01-2023.
I have heard Adv. Sasith M.R, the learned counsel for the petitioner as well as Adv. Sri. A.S.P. Kurup, the learned counsel for the respondent.
Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in 12 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.
Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs. 10,77,826/- (rupees Ten Lakh Seventy Seven Thousand Eight Hundred Twenty Six only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs. 10,77,826/-(rupees Ten Lakh Seventy Seven Thousand Eight Hundred Twenty Six only) shall be repaid in 12 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 23-01-2023. The subsequent installments shall be paid on or before the last working day of the succeeding months;
(iii) Petitioner shall continue to pay the regular EMI’s along with the installments as directed above;
(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.