I N RAJAN Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE petitioners availed a housing loan of 10.5. lakhs in the year 2008 from the respondent Bank on the strength of the security created over 10 cents of property and a building situated thereon. Apart from this, there was an additional loan to an extent of 4.5 lakhs as well, in similar terms. The proceedings reveal that the petitioners turned to be a defaulter and the Bank filed O.A.No.87/2011 before the DRT, obtaining a decree for the due amount.

(2.) SIMULTANEOUSLY, the Bank proceeded with steps under the SARFAESI Act for realisation of the due amount and filed necessary proceeding before the CJM Court, Kollam for getting assistance of the Court for securing the physical possession by filing a petition under Section 14. The petitioner is challenging the above proceedings in this writ petition.

(3.) AFTER hearing both the sides, the petitioners are given an opportunity to wipe out the entire arrears under the loan transaction by way of 'six' equal monthly instalments, the first of which shall be effected on or before the 25th of this month; to be followed by the next instalments by 25th of the succeeding months. The coercive proceedings pursued against the petitioners shall be kept in abeyance for the time being. It is made clear that, if any default is committed with regard to repayment of the due amount as above, it will be open for the respondent Bank to proceed against the petitioners and the assets for realization of the entire amount in lump, from the stage where it stands now. Writ petition is disposed of.