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Judgment
C.S Dias, J
The writ petition is filed to direct the respondents to permit the petitioner to pay off the outstanding amount in equated monthly instalments and close the loan account.
The petitioner’s case is that he had availed financial assistance from the second respondent – Bank – by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond his control, he could not pay the instalments on time. Now, the respondents have initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( in short, ‘Act’). The petitioner is willing to pay the outstanding amount in equated monthly instalments and close the loan account. Hence, the writ petition.
Heard; Sri.Vishak Johnson K, the learned counsel appearing for the petitioner and Sri.Athul Shaji, the learned counsel appearing for the respondents.
Sri.Athul Shaji, on instructions, submitted that the petitioner had availed two loans from the second respondent – Bank. The tenure of both loans is over. The outstanding amount of the two loan accounts are Rs.12,04,051/- and Rs.2,43,218/-. The respondents are willing to permit the petitioners to pay off the outstanding amount in eight equated monthly instalments. The said submission is recorded.
The learned counsel appearing for the petitioner submitted that the petitioner may be granted at least twenty equated monthly instalments to pay the outstanding 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 proceedings pursuant to Ext P1, to enable the petitioner to pay the liability in equated monthly instalments as stated below.
(ii) The petitioner is permitted to pay the outstanding amount as stated above, i.e., Rs.12,04,051/-and Rs.2,43,218/- with future interest and cost to the second respondent – Bank – in twelve equated monthly instalments commencing from 16.9.2023.
(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.