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Judgment
P.V. Balakrishnan, J.
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 in OD, Kisan Cash Credit, and Housing Loan accounts by way of installments since the same is only beneficial to it. He also submitted that the total outstanding amount in the afore accounts as on today, is Rs.41,86,482/-(Rupees Forty One Lakhs Eighty Six Thousand Four Hundred and Eighty Two 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.41,86,482/- (Rupees Forty One Lakhs Eighty Six Thousand Four Hundred and Eighty Two 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 14th 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 19th 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.