SIVAPRASAD Vs. AUTHORISED OFFICER

JUDGEMENT

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

(2.) PETITIONER availed of an Over Draft facility, a housing loan and an education loan for his daughter from the Bank. Default was committed and therefore, Bank has initiated SARFAESI proceedings. According to the petitioner, only the Over Draft facility is in default and therefore, Bank should not have classified the other two loans as NPA and proceeded against him for all the three liabilities. It is with this allegation, the writ petition has been filed.

(3.) PETITIONER shall clear the entire liability in the Over Draft account in eight equal monthly instalments. First instalment shall be paid on or before 29.9.2012 and the subsequent instalments shall be paid on or before 29th of every succeeding month. Insofar as the housing loan and the education loan are concerned, the outstanding liability shall be cleared by the petitioner within one month from today. If the petitioner clears the liabilities as per the schedule specified above, coercive action now initiated against the petitioner will be kept in abeyance and the housing loan and the education loan will also be regularized.