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Judgment
P.V. Balakrishnan, J.
It is aggrieved by the coercive action taken by the respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ‘SARFAESI Act', for short), this writ petition has been preferred by the petitioner.
Heard the learned counsel for the petitioner and the learned counsel for the respondent.
The learned counsel for the petitioner submits that an opportunity may be given to the petitioner to clear the entire overdue amount in installments.
The learned counsel for the respondent submitted that the respondent has no objections in permitting the petitioner to clear the entire overdues with interest, by way of installments and regularise the loan account since, the same is only beneficial to it. He also submitted that the total overdue amount as on today is Rs.4,00,000/- (Rupees Four Lakhs only).
Hence, considering the submissions made by the learned counsel for the respondent and the facts and circumstances of this case, I am of the view that the petitioner can be granted an opportunity to clear the entire overdue amount of Rs.4,00,000/- (Rupees Four Lakhs only) with interest, in installments and regularise the account subject to terms.
Accordingly, this writ petition is allowed as follows:-
The petitioner shall remit a sum of Rs.1,00,000/-(Rupees One Lakh only) on or before 7th October, 2026 to the respondent;
Thereafter, the petitioner shall remit the balance overdue amount with interest in 3 equal monthly installments commencing from November, 2026 and such payments shall be made on or before the 12th of every month;
The petitioner shall also continue to pay the regular EMIs/Installments along with the installments as directed afore;
If the petitioner complies with the above directions, the respondent shall regularise the loan account and in case of failure to pay any of the installments as ordered afore, the respondent will be at liberty to continue with the coercive steps already taken.