AI Structured Summary
Not yet generated for this judgment
Judgment
Mr. A.M. Shaffique, J. - Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.
Petitioner availed a hypothecated cum-loan facility for Rs. 11,50,000/- from the respondent Bank for purchasing a Honda City car. The vehicle is the only secured asset for the said loan. The petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act. Apprehending that the Bank will take possession of the vehicle, this writ petition is filed.
Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the outstanding dues in instalments and will also pay the regular instalments, if some time is granted.
Learned counsel for the respondent Bank submits that the outstanding dues will come to Rs. 1,15,000/-. It is also submitted that the petitioner is not available in the address given to the Bank.
Having regard to the fact that the petitioner had expressed the willingness to repay the amount in instalments, I am of the view that some indulgence can be shown to the petitioner. Accordingly, this writ petition is disposed of as under :
(i) The petitioner shall provide his present address to the Bank.
(ii) The petitioner shall pay 50% of the outstanding dues within a period of two weeks from today and the balance outstanding dues in three equal monthly instalments starting from 01.12.2016.
(iii) In addition to payment of the aforesaid amount, petitioner shall also remit monthly instalments as per the agreed time schedule.
(iv) If there is default in payment of any of the aforesaid amounts, it shall be open for the respondent Bank to take such steps in accordance with law.