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Judgment
Ziyad Rahman A.A., J
The petitioners are challenging the recovery proceedings initiated against them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The petitioners have availed a credit facility from the respondent Bank and consequent to the default committed by the petitioners in repaying the amount, the said account is declared as NPA. Accordingly, recovery proceedings have been initiated which is impugned in this writ petition.
The learned counsel appearing for the Bank submits that as on date, an amount of Rs.10,36,181/- is in arrears. It is submitted by the learned standing counsel for the Bank upon instructions that they are amenable for granting an opportunity to the petitioners to repay the said amount in reasonable monthly instalments.
In such circumstances, this writ petition is disposed of granting an opportunity to the petitioners to clear the entire amount along with interest, by paying 50% of the amount of arrears on or before 26.06.2022 and the balance in 10 equal monthly instalments commencing from 26.07.2022 onwards. The subsequent instalments shall be paid by the petitioners on 26th day of every month. In case of default on the part of the petitioners in payment of any of the instalments, the aforesaid facility shall stand cancelled, upon which the Bank will be at liberty to proceed with the recovery proceedings. Subject to the above direction, the recovery proceedings against the petitioners are directed to be kept in abeyance.