SUDILAN Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE petitioner is challenging the steps under the SARFAESI Act, initiated by the respondent Bank for realisation of the amount stated as due under a loan transaction.

(2.) THE case projected in the writ petition is that the property concerned is an agricultural property and is not liable to be proceeded against, in view of the bar under Section 31(i) of the Act. The course and proceedings pursued by the Bank are also under challenge .

(3.) CONSIDERING the facts and circumstances, the writ petition is disposed of, permitting the petitioner to clear the entire overdue amount by way of '3' equal monthly installments, the first of which shall be effected on or before 20.08.2012, to be followed by similar installments to be effected on or before the 20th of the succeeding months. This shall be in addition to the liability to clear the regular monthly installments as well. The loan account will stand regularised accordingly and all coercive proceedings shall be kept in abeyance. It is further made clear that if the petitioner commits any default in remitting the overdue amounts/arrears as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump , from the stage where it stands now.