AI Structured Summary
Not yet generated for this judgment
Judgment
C.S.Dias, J
The writ petition is filed to direct the respondents to permit the petitioners to pay the overdue amount in installments and regularise the loan account.
The petitioners' case is that they had availed loan from the 2nd respondent bank, by creating an equitable mortgage. Due to Covid-19 pandemic, they could not pay the installments on time. The bank has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'Act'). The petitioners are willing to pay the overdue amount in installments. Hence, the Writ Petition.
Heard; Sri. Liju M.P., the learned Counsel appearing for the petitioners and Smt.P.V. Saritha Venugopal, the learned Counsel appearing for the respondents.
Smt.P.V. Saritha Venugopal, on instructions, submitted that the overdue amount as on today is Rs.5,18,180/-. The tenure of the loan is 2041. The respondents are willing to permit the petitioners to pay the overdue amount in ten equated monthly installments. The said submission is recorded.
The learned Counsel appearing for the petitioners prayed that the petitioners may be granted atleast twelve installments to pay the overdue amount.
Having considered the pleadings and materials on record and the submission made by the learned counsel appearing for the parties; the broad consensus arrived at between the parties and to provide the petitioners one last opportunity to pay off the loan amount, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of 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 petitioners to pay the overdue amount in instalments.
(ii) The petitioners are permitted to pay the overdue amount as stated above to the 2nd respondent institution in twelve eqtuated monthly installments commencing from 12.08.2023 along with regular EMIs.
(iii) Needless to mention, if the petitioners default in payment of any one of the installments as directed above, the petitioners would lose the benefit of this judgment and the respondents would be at liberty to revive the recovery proceedings from the stage it presently stands, and bring it to its logical conclusion in accordance with law.
(iv) It is made clear that, no further application for modification/extension of time shall be entertained.