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Judgment
The petitioner, who had availed a loan facility from the respondent Bank has approached this Court aggrieved by the recovery steps initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act' for short) for recovery of the defaulted amount. The learned Standing counsel for the respondent Bank would submit that the overdue amount from the petitioner as on 31.10.2020 is Rs.11,65,717/-
I have heard the learned counsel for the petitioner as also the learned Standing counsel for the respondent Bank.
On a consideration of the facts and circumstances of the case and the submissions made across the bar and also taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:
(i) if the petitioner discharges the said liability of Rs.11,65,717/- together with accrued interest till the date of payment in twelve equal and successive monthly installments commencing from 20.12.2020, and continues to keep up the regular installments as per the original loan schedule, further proceedings for recovery shall be kept in abeyance.
(ii) It is made clear that if the petitioner commits a default in respect of any of the installments, he will lose the benefit of this judgment and the respondent bank will be free to continue the recovery proceedings against him from the stage at which they presently stand.
(iii) It is further made clear that inasmuch as it is in exceptional cases that this Court would grant the reliefs aforementioned, no further petition for modification/extension of time will be entertained.