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Judgment
Gopinath P., J
Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.
During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account.
It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount as on 14.07.2022 is Rs.8,56,323/- (Rupees Eight Lakhs Fifty Six Thousand Three Hundred and Twenty Three only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited installments and regularize the loan account.
I have heard Adv.M.Dinesh, learned counsel for the petitioner as well as Adv.P.C.Sasidharan, the learned counsel for the respondents.
Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in 15 installments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularized.
Accordingly, there will be a direction to the respondent bank to accept repayment of the entire overdue amount of Rs.8,56,323/- (Rupees Eight Lakhs Fifty Six Thousand Three Hundred and Twenty Three only) along with bank charges from the petitioner and regularize the loan account of the petitioner on the following conditions:
(i) The overdue amount of Rs.8,56,323/- (Rupees Eight Lakhs Fifty Six Thousand Three Hundred and Twenty Three only) shall be repaid in 15 equated monthly installments along with any accrued interest and costs;
(ii) The first installment shall be paid on or before 20.08.2022. The subsequent installments shall be paid on or before the last working day of the succeeding months;
(iii) Petitioner shall continue to pay the regular installments directed above;
(iv) In the event of default of any one installment, the respondent bank shall be entitled to proceed in accordance with law.
(v) In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.
The writ petition is disposed of as above.