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Judgment
A.M.Badar, J
Heard both sides.
The learned counsel for the petitioner submits that, though the loan was ostensibly taken for the purpose of business, the real purpose of taking that
loan was Liver and Kidney transplant operation to nephew of the petitioner. The learned counsel for the petitioner submits that, the petitioner wants to
clear the entire overdue amount in the loan account by suitable installments apart from regular payment of installments of the principal amount/interest.
The learned counsel for the 2nd respondent submits that, it was the business loan and it was declared as non performing asset on 28.07.2019. The
learned counsel for the 2nd  respondent submits that suitable installments may be granted to clear the overdue amount of loan along with default
clause.
The petitioner has produced on record several documents of medical treatment of his nephew reflecting Liver and Kidney transplant. My attention
was drawn to the certificate given by the Department of the GI Surgery of Amrita Institute of Medical Sciences and Research Centre in Ext.P3,
mentioning the fact that, nephew of the petitioner is advised to undergo Combine Kidney and Liver transplantation for which he would require an
amount of Rs.30 Lakhs. No doubt the loan is for the business purpose but medical emergency in the family is demonstrated by the petitioner for
getting installments for repayment of overdue amount of the loan. The 2nd respondent is gracious enough to accept the request for clearing the
overdue amount of loan of the petitioner in installments and therefore the petition is disposed of with the following directions:
The petitioner to clear the entire overdue amount which is stated to be Rs.9,80,196/- as of now along with other charges, if any, in twelve equated
successive monthly installments commencing from 2nd August, 2021. Apart from that the petitioner should continue to pay regular installments. If the
petitioner complies with these directions, then the 2nd respondent shall keep the action under the SARFAESI Act in abeyance. A single default on the
part of the petitioner in compliance with these directions shall entail the 2nd respondent 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.