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Judgment
C.S.Dias, J
The writ petition is filed, inter alia, to direct the respondents to permit the petitioner to pay the overdue amount in equated monthly instalments and regularise the loan account.
The petitioner had availed financial assistance from the second respondent – Bank – by creating an equitable mortgage. Due to unforeseen circumstances, the petitioner could not pay the instalments on time. The respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, ‘Act’). The petitioner is ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.
Heard; Sri.P.Shanes Methar, the learned counsel appearing for the petitioner and Sri.Varghese C.Kuriakose, the learned counsel appearing for the respondents.
Sri.Varghese C.Kuriakose, on instructions, submitted that as on 02.06.2023, the overdue amount is Rs.14,97,078/-. The respondents are willing to permit the petitioner to pay off the overdue amount in six equated monthly instalments. The said submission is recorded.
The learned counsel appearing for the petitioner submitted that, as the tenure of the loan is 2029, the petitioner may be granted at least 10 instalments to pay the overdue amount.
Having considered the pleadings and materials on record, the submissions made by the learned counsel appearing for the parties, the consensus arrived at between the parties and to provide the petitioner one last opportunity to clear off the liability, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and entertain the writ petition.
Resultantly, I dispose of the writ petition in the following manner:
(i) The respondents are directed to defer further coercive proceedings pursuant to Exts P2 & P3 to enable the petitioner to pay the liability in equated monthly instalments as stated below.
(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the second respondent – Bank – in 10 equated monthly instalments commencing from 26.07.2023, along with regular EMIs.
(iii) Needless to mention, if the petitioner commits default in any of the conditions ordered above, the petitioner would lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.