K RAJAN ALIAS PUSHPARAJAN Vs. CANARA BANK REPRESENTED BY BRANCH MANAGER TANUR BRANCH TANUR P O MALAPPURAM

JUDGEMENT

(1.) THE petitioner has availed a housing of loan Rs. 3,00,000/- from the respondent Bank on 05.07.2006 creating security interest over the property in question. But the repayment could not be effected on time, as scheduled, under which circumstances, the account was declared as 'NPA' and the Bank proceeded with the steps under the SARFAESI Act, which forms subject matter of challenge in this Writ Petition.

(2.) HEARD the learned standing counsel appearing for the respondent Bank as well.

(3.) AFTER hearing both the sides and taking note of the particular facts and circumstances, including the fact that the loan availed by the petitioner is in the housing sector, the petitioner is permitted to clear the 'overdue' amount by way of 'two' equal monthly installments, the first of which shall be effected on or before the 20th of June, 2012, followed by next installment to be effected on or before the 20th of July, 2012.