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Judgment
Murali Purushothaman, J
The petitioners have availed a loan from the 2nd respondent Bank. According to the petitioners, due to the pandemic situation, the petitioners could
not repay the loan amount and the Bank has initiated Ext.P1 proceedings under Rule 8 of the Security Interest (Enforcement) Rules and Section 13(2)
of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002. The amount due from the
petitioners is Rs.5,40,925/-.
When this writ petition came up for consideration on 13.08.2021, notice was ordered to the respondents and all proceedings pursuant to Ext.P1
proceedings was directed to be deferred. Today, Adv.Deva Prasanth appeared for the respondent Bank and submitted that the respondents are willing
to regularise the loan account of the petitioners, provided they pay the amounts in instalments.
Heard the learned Counsel for the petitioners and the learned Counsel for the respondents.
There will be a direction to the petitioners to pay an amount of Rs.25,000/- (Rupees twenty five thousand only) within a period of one month from
the date of receipt of a copy of this judgment. The Bank will intimate the petitioners the steps to be taken for regularising the loan account and the
amounts to be paid. On such intimation, the amount to regularise the entire loan account will be paid by the petitioners in '6' equal monthly installments
along with regular EMI. Ext.P1 and all proceedings thereto will stand deferred.
If the petitioners make any default in remitting the amount as stated above, the respondent Bank will be free to proceed with Ext.P1.
The writ petition is disposed of accordingly.