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Judgment
Gopinath P., J
The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioner.
During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan accounts.
It was submitted on behalf of the respondent financial institution that the petitioner committed default in repayment of three housing loans and the total overdue amount is Rs.58,13,625/-(Rupees fifty eight lakhs thirteen thousand six hundred and twenty five only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and regularise the loan accounts.
I have heard the learned counsel for the petitioner as well as the learned counsel for the respondents.
Having regard to the circumstances of the case and the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the total overdue amount on condition that Rs.6,00,000/- (Rupees six lakhs only) shall be paid on or before 10.01.2025 and the balance amount shall be paid in 15 equal monthly instalments, the first of which shall be paid on or before 10.02.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding months and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan accounts regularised.
Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.58,13,625/-(Rupees fifty eight lakhs thirteen thousand six hundred and twenty five only) along with any accrued interest, costs and charges from the petitioner and regularise the loan accounts of the petitioner on the following conditions:
i. The petitioner shall pay a sum of Rs.6,00,000/- (Rupees six lakhs only) on or before 10.01.2025; balance overdue amount along with any any accrued interest, costs and charges shall be repaid in 15 equal monthly instalments.
ii. The first instalment shall be paid on or before 10.02.2025 and the subsequent instalments shall be paid on or before the 10th day of every succeeding months.
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 financial institution shall be entitled to proceed in accordance with law.
v. In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
Considering the fact that considerably liberal instalments have been granted to the petitioner, no further extension of time will be considered under any circumstances.
The writ petition is disposed of as above.