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Judgment
The petitioner availed a housing loan from the
respondent Bank in the year 2013. 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.3,04,424/- as on date.
(ii) The respondent shall grant ten monthly
instalments for the payment of the arrears, starting
from 06.03.2017, 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.