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Judgment
Antony Dominic, J.—In 2009, petitioner availed of a housing loan of Rs. 14.5 Lakhs. Default was committed and according to the counsel for the Bank, an O.A filed before the DRT is pending. Meanwhile, SARFAESI proceedings were initiated by the Bank and Ext.P1 is the notice issued u/s 13 (2) of the SARFAESI Act. It is also seen that the Advocate Commissioner appointed by the Court has issued Ext.P2 notice proposing to take over possession. It is there upon that this writ petition is filed with a prayer to allow regularization of the loan. Submission made by the learned Standing Counsel is to the effect that the Bank is unwilling to regularize the loan. A loan which is in default can be regularized only if the Bank is agreeable for such a course of action. In this case, since the Bank is unwilling, this Court cannot compel the Bank to regularize the loan. In such circumstances, the best the petitioner can aspire for is an instalment facility. Taking note of the request made in this behalf, I direct that the petitioner shall pay the balance liability in 12 equal monthly instalments. First instalment shall be paid on or before 30.1.2013 and the subsequent instalments shall be paid on or before the last working day of every succeeding month. Subject to payment as above, coercive action will stand deferred and in case of default, Bank will be free to continue the recovery action already initiated.
Writ petition is disposed of as above.