AI Structured Summary
Not yet generated for this judgment
Judgment
C.S Dias, J
The writ petition is filed to direct the respondents to permit the petitioner to pay the overdue amount in instalments and regularise the loan account.
The petitioner's case is that, her son had availed financial assistance from the first respondent bank by creating an equitable mortgage by deposit of title deeds. The petitioner is a guarantor of the loan. The petitioner’s son was unable to pay the instalments on time. The bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioner is residing in the secured asset. The petitioner’s son had filed W.P.(C.) No.2414/2023 before this Court, which was allowed by Ext.P1 judgment, permitting the petitioner’s son to pay the overdue amount in twelve equated monthly instalments commencing from 08.03.2023. But, the petitioner’s son could not pay the amount on time. Now, the petitioner is willing to pay the overdue amount in instalments and regularise the loan account.
Heard; Sri.Nijoy P.K., the learned Counsel appearing for the petitioner and Sri.P.C. Sasidharan, the learned Counsel appearing for the respondents.
Sri.P.C. Sasidharan, on instructions, submitted that notwithstanding Ext.P1 judgment, the respondents are willing to permit the petitioner to pay the overdue amount which as on 30.06.2023, is Rs.46,73,227/-, in ten equated monthly instalments. The said submission is recorded.
The learned Counsel appearing for the petitioner submitted that the petitioner is ready to accept the above offer.
Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioners one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
(i) The respondents are directed to defer further coercive proceedings pursuant to Ext.P2 to enable the petitioner to pay the overdue amount in equated monthly instalments as stated below.
(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the first respondent – Bank– in ten equated monthly instalments commencing from 25.08.2023 along with regular EMIs.
(iii) Needless to mention, if the petitioner commits default in the condition ordered above, the petitioner would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.