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Judgment
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 outstanding amount in installments.
The learned counsel for the respondent submitted that the bank has no objections in permitting the petitioner to clear the entire outstanding amount, by way of installments since, the same is only beneficial to it. He also submitted that the total outstanding amount as on 22.09.2026, is Rs.58,57,209/- (Rupees Fifty Eight Lakhs Fifty Seven Thousand Two Hundred and Nine 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 outstanding amount of Rs.58,57,209/- (Rupees Fifty Eight Lakhs Fifty Seven Thousand Two Hundred and Nine only), along with any accrued interest, costs and charges on the following conditions:-
The petitioner shall remit a sum of Rs.7,50,000/-(Rupees Seven Lakhs and Fifty Thousand only) on or before 7th October, 2026 to the bank;
Thereafter, the petitioner shall remit the balance outstanding amount along with any accrued interest, costs and charges in 10 equal monthly installments commencing from November, 2026 and such payments shall be made on or before the 12th of every month;
If the petitioner complies with the afore order no coercive steps shall be taken by the respondent and in the event of default of any one installment, the bank can continue with the coercive steps already taken as per law.
This writ petition is disposed of as above.
APPENDIX OF WP(C) NO. 32218 OF 2026
PETITIONER'S EXHIBITS
EXHIBIT P1 TRUE COPY OF THE APPLICATION DATED 23.06.2025 SUBMITTED BY THE RESPONDENT BANK
EXHIBIT P2 TRUE COPY OF THE ORDER DATED 16.07.2025 IN M.C. NO. 819/2025
EXHIBIT P3 TRUE COPY OF CUSTOMER COPY ACKNOWLEDGEMENT DATED 12.09.2025 FOR THE ABOVEMENTIONED THREE TRANSACTIONS OF ₹25,00,000/-
EXHIBIT P4 TRUE COPY OF CUSTOMER COPY ACKNOWLEDGEMENT DATED 15.09.2025 FOR THE ABOVEMENTIONED THREE TRANSACTIONS OF ₹30,00,000/-
EXHIBIT P5 TRUE COPY OF RECEIPT DATED 26.11.2025 ISSUED BY THE RESPONDENT FOR PAYMENT OF ₹1,00,000/-
EXHIBIT P5(A) TRUE COPY OF RECEIPT DATED 21.01.2026 ISSUED BY THE RESPONDENT FOR PAYMENT OF ₹5,00,000/-
EXHIBIT P6 TRUE COPY OF THE LOAN ACCOUNT STATEMENT DATED 16.09.2026 OF THE PETITIONERS LOAN IN RESPONDENT BANK
EXHIBIT P7 TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 31.08.2026