SATHYAN, S/O. MADHAVAN Vs THE AUTHORISED OFFICER

The petitioners availed a housing loan from the

respondent Bank. On default being committed the

respondent initiated proceedings under Securitisation

and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 (''SARFAESI''

for short) against the property of the petitioner.

The liability and the default is admitted.

Considering the facts of the case and the alleged

impecunious circumstances of the petitioner, this writ

petition is disposed of on the following terms.

(i) The total defaulted arrears is said to be

Rs.1,15,000/- as on date.

(ii) The respondent shall grant ten monthly

instalments for the payment of the arrears, starting

from 09.03.2017, which shall be paid along with the

regular EMIs, on the due dates.

(iii) Recovery proceedings shall be kept in

abeyance on condition that the remittances as per this

order are made without any default.

(iv) On the petitioner making two defaults in

repaying either the instalments or the regular EMIs, the

recovery steps initiated shall revive and continue.

(v) The respondent shall issue a statement of the

future interest accrued on the defaulted arrears every

three months and the same shall be paid along with the

next month''s instalment, as granted by this Court, and

after satisfaction of the arrears, as the 11th instalment.

(vi) On the petitioner satisfying the entire arrears,

the recovery proceedings shall be unenforceable and

the petitioner allowed regularisation by permitting EMI

remittance as per the original agreement.

The Writ Petition is disposed of as above, making it

clear that the respondent will be free to proceed with

the recovery if the above conditions are not complied

with.