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Judgment
The petitioner, who is the guarantor to a loan availed by the additional respondents 4 and 5, have approached this Court aggrieved by the recovery
steps initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act
('the SARFAESI Act' for short) for recovery of the amount. When the matter came up for orders on the last occasion, the respondent Bank sought
time to work out the amounts to be paid by the petitioner for the purposes of settling the outstanding liability. When the matter was taken up today, it
was submitted by the learned Standing Counsel for the respondent Bank that the bank is ready to settle the outstanding liability on the petitioner paying
Rs. 41,75,000/- on or before 31.03.2021.
I have heard the learned counsel for the petitioner as also the learned Standing counsel for the respondent Bank.
On a consideration of the facts and circumstances of the case and the submissions made across the bar and also taking into account the plea of
financial hardship raised by the petitioners, I dispose the writ petition with the following directions:
(i) if the petitioner discharges the said liability of Rs.41,75,000/- together with accrued interest till the date of payment in four equal and successive
monthly installments commencing from 31.12.2020 and culminating on 31.03.2021 the further proceedings for recovery shall be kept in abeyance.
(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, he will lose the benefit of this judgment and the
respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.
(iii) It is further made clear that inasmuch as it is in exceptional cases that this Court would grant the reliefs aforementioned, no further petition for
modification/extension of time will be entertained.