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Judgment
K. Vinod Chandran, J.—The appellant, aggrieved by the proceedings taken under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ("SARFAESI Act" for short) against the immovable properties mortgaged; on default of the credit facilities availed, was before the learned Single Judge. The writ petition was filed after Exhibit P2 possession notice was issued. Even before the learned Single Judge the appellant neither disputed the liability nor the quantum, but only sought for regularization. Regularization was declined, but the learned Single Judge directed the payment of the amounts due in twelve equal monthly instalments. The 1st instalment was directed to be paid on or before 30.1.2013 and the subsequent instalments on or before the last working day of every succeeding month. The appellant fervently prays that he be permitted to regularize his loans so as to facilitate payment in monthly instalments as originally sanctioned. The appellant''s counsel made a fervent plea for such indulgence based on the facts and circumstances enumerated in the writ petition as also the appeal.
The learned counsel for the Bank, however, objected to the same on the ground that the appellant is a habitual defaulter.
We are not inclined to interfere with the impugned judgment. The directions issued by the learned Single Judge shall be modified and it is directed that the appellant shall pay the amounts due in twelve equal monthly instalments, starting from 28th of February, 2013 and every succeeding month, again on or before 28th. If two consecutive defaults are made, then the respondent-Bank shall be entitled to proceed against the property of the appellant. However, in the event of the appellant complying with the directions above and making payments as aforesaid, then the proceedings under the SARFAESI Act shall be kept in abeyance.
The Writ Appeal is disposed of as above, however, with no order as to costs.