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Judgment
Pankaj Purohit, J
Petitioner is aggrieved by orders dated 20.01.2023 & 02.02.2023 (Annexure no.5 to the petition) passed by the respondent.
The facts of the case are that petitioner was sanctioned a loan by the respondent-Bank on 28.03.2019 to the tune of Rs.48,00,000/- for a period of 15 years of which EMI was Rs.5,137/-. In lieu of the said loan, the petitioner’s residential house was mortgaged with the respondent-Bank. Then, petitioner started to make payment of installments from 2019 till 2021, but due to various reasons, he could not repay the amount due against him. Thereafter, respondent-Bank issued possession notices dated 20.01.2023 & 02.02.2023 in respect of mortgaged property. Hence, this petition.
At the bar, it is contended by learned Senior Advocate for the petitioner that he wants to deposit the entire outstanding amount to the Bank. But, the difficulty is the petitioner does not have that much fund to deposit the amount at one go. He makes a request to this Court to permit him to pay the amount outstanding against him by way of easy installments.
To this, learned counsel for the respondents-Bank submits that as on date total Rs.89,66,574.16/- is due against the petitioner and she has no objection, if petitioner deposits the amount in installments.
Accordingly, the present petition is disposed of. Petitioner is directed to repay the amount of Rs.89,66,574.16/- in the following manner: -
A. Petitioner shall pay first installment of Rs.25,00,000/- within four months from today on or before 23.02.2024;
B. Second installment of Rs.25,00,000/- would be paid by the petitioner within next four months.
C. Similarly, third installment of Rs.25,00,000/-would be paid by the petitioner within next four months
D. However, last installment of balance amount which is to be paid after next four months shall include along with it the interest accrued thereupon.
In case the petitioner fails to comply with the aforesaid order or to pay any installments, the respondent-Bank is free to proceed further in accordance with law.
Pending application, if any, stands disposed of accordingly.