Sunitha Bhanu And Ors vs Registrar Of Co-Operative Societies And Ors

Heard both sides.

The learned counsel for the petitioners argued that the 1st petitioner along with her husband had taken a cash credit facility but, because of untimely

demise of her husband, the payment of their financial assistance was delayed. It is argued that the petitioners are ready and willing to clear the entire

outstanding amount along with interest and charges in instalments.

The learned counsel for respondent Nos.2 and 3 opposed the petition by contending that the possession is scheduled to be taken today and the term

of cash credit facility is over on 10.1.2020. He further informed that the outstanding amount as on today is Rs.22,31,617/-. According to the

respondents, the petitioners should pay substantial amount so as to defer the action of taking possession and the balance amount should be paid in

suitable instalments.

I have considered the submissions so advanced. I am of the considered opinion that looking into the facts and circumstances of the instant case, the

writ petition can be disposed of with the following directions:

i) The petitioners to deposit the amount of Rs.3,00,000/- by tomorrow with the 2nd and 3rd respondents towards repayment of the balance amount due

and payable to the respondents.

ii) The petitioners should thereafter repay the entire amount outstanding and payable to respondent Nos.2 and 3 along with necessary charges and

interest in 15 equated successive monthly instalments commencing from 4.3.2021.

iii) If the petitioners complies with these directions, the respondents shall keep the action under the SARFAESI Act in abeyance.

iv) A single default in compliance with these directions shall entitle the respondents to continue with the action under the SARFAESI Act initiated

against the petitioners.

v) The petitioners shall not be entitled for any extension of time for compliance of the directions given in this judgment.