Mohd Imran vs Union Bank Of India & Another

Pankaj Purohit, J

Heard learned counsel for the parties.

Petitioner has approached this Court challenging the proceedings initiated under Section 13(2) & (4) of the SARFAESI Act, 2002 (for short “the Act, 2002”).

The facts of the case are that petitioner took a housing loan worth Rs.9 lakh from respondent-Bank in the year 2014. Since he failed to repay the loan amount, his account was declared as NPA and the proceedings have been initiated against it for recovery of the said amount.

At the outset, it was contended by learned counsel for the petitioner that he wants to deposit the entire outstanding amount of Rs.12,80,680.37 to the Bank. But, the difficulty is petitioner is not having that much amount at one go. He made a request to this Court to permit him to pay the amount outstanding against it by way of easy installments.

Pursuant to the previous order passed by this Court asking the learned counsel for respondents-Bank to seek instructions in the matter as to whether the Bank is ready to accept the proposal put forth by the petitioner for repayment of loan amount in installments to be fixed by this Court, it is stated today by learned counsel appearing for respondent-Bank that the Bank is agreeable to the aforesaid proposal.

Accordingly, the present petition is disposed of. Petitioner is directed to repay the loan amount of Rs. 12,80,680.37 in the following manner: -

A.Petitioner shall pay Rs.2,00,000/- to the Bank within fifteen days from today i.e. latest by 29.11.2024.

B. Petitioner shall thereafter continue paying Rs.1,00,000/- (One Lakh only) to the Bank on monthly basis in eleven equal monthly installments.

C. However, the last installment would carry the entire balance amount inclusive of interest.

In case the petitioner fails to comply with the aforesaid order or to pay any installment, the respondent-Bank would be free to proceed further in accordance with law.

In the meantime, the impugned sale notice as well possession notice issued under the provisions of SARFAESI Act shall be kept in abeyance.

Pending application, if any, stands disposed of accordingly.