YESUDASAN ANTONY Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) HEARD the learned counsel for the petitioner and also the learned standing counsel appearing for the respondent.

(2.) THE petitioner availed of a housing loan of Rs.6 lakhs in the year 2009. Default was committed and therefore SARFAESI proceedings were initiated. Finally the Advocate Commissioner appointed by the Chief Judicial Magistrate Court has issued Ext.P1 notice requiring to surrender vacant possession of the mortgaged property. It is at that stage this writ petition is filed with a prayer to allow the petitioner to regularise the loan in question.

(3.) AS already seen, petitioner is neither disputing the liability nor the quantum, but he is only seeking an opportunity to get the loan regularised. This request of the petitioner can be considered only if he pays the defaulted dues along with the current EMI. Therefore, I direct that the defaulted dues of Rs.2.84 lakhs shall be paid by the petitioner in two equal monthly instalments payable on 15/11/12 and 15/12/12. Along with the payment, the current monthly instalments shall also be paid. Subject to such payment, coercive action will be deferred and the loan in question will also be regularised. Needless to say that in the event default is committed, the Bank will be free to continue the recovery proceedings already initiated.