AI Structured Summary
Not yet generated for this judgment
Judgment
Viju Abraham, J
Petitioner availed a financial credit facility to the tune of Rs.25 Lakhs from the respondent Bank and the same has now been defaulted. Ext.P1 is the possession notice issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.
During the course of the hearing, petitioner sought for an opportunity to repay the entire overdue amount in instalments and to obtain regularisation of the loan account.
I have heard Smt.Moly E.V., the learned counsel for the petitioner as well as Sri.Sajeev Kumar.K., the learned Standing Counsel for the respondent.
The learned Standing Counsel, upon instructions, submitted that the total overdue amount as on date is Rs.9,22,890/- and the respondent Bank is willing to accept repayment of the overdue amount in limited instalments and to regularise the loan account.
Considering the facts and circumstances of the case, I am of the view that the this writ petition itself can be disposed of, permitting the petitioner to pay the entire overdue amount of Rs.9,22,890/- in '8' equated monthly instalments and to have the loan account regularised.
Accordingly, there will be a direction to the respondent-Bank to accept repayment of the entire overdue amount of Rs.9,22,890/- along with bank charges and to regularise the loan account of the petitioner on the following conditions:
(i). The overdue amount of Rs.9,22,890/- along with bank charges shall be repaid in '8' equated monthly instalments.
(ii). The first instalment shall be paid on or before 16.05.2022 and the remaining instalments shall be paid on or before the 16th day of every succeeding month.
(iii). Petitioner shall continue to pay the regular EMI’s along with the instalments directed above. (iv). In the event of default of any one instalment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings initiated against the petitioner shall be kept in abeyance.
The writ petition is disposed of.