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Judgment
C.S.Dias, J
The writ petition is filed to direct the respondents to permit the petitioner to pay off the outstanding amount in equated monthly installments and regularise the loan account.
The petitioner's case is that she had availed a loan from the 1st respondent – Bank by creating an equitable mortgage. Due to unforeseen circumstances, she could not pay the installments in time. The respondents have now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'Act'). The petitioner is prepared to pay off the loan amount in installments. Hence, the writ petition.
Heard; Sri.C.S.Manu, the learned Counsel appearing for the petitioner and Sri.Mohan Jacob George, the learned Counsel appearing for the respondents.
Sri.Mohan Jacob George, on instructions, submitted that as on 26.05.2023, the outstanding amount is Rs.15,27,705/-. The respondents are ready to accept the outstanding amount in five equated monthly installments. The said submission is recorded.
The learned Counsel appearing for the petitioner submitted that the petitioner may be granted atleast 12 installments to pay off the outstanding amount.
Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties, to provide the petitioner one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
(i) The respondents are directed to defer further proceedings pursuant to Ext.P2 to enable the petitioner to pay off the outstanding amount in instalments.
(ii) The petitioner is permitted to pay off the outstanding amount with future interest and cost to the 2nd respondent in ten equated monthly instalments commencing from 06.07.2023.
(iii) Needless to mention, if the petitioner defaults in payment of any one of the installments as directed above, the respondents would be at liberty to revive the proceedings from the stage it has been stopped and bring it to its logical conclusion in accordance with law.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.