BEENARANI M R Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) THE petitioner has availed a loan of Rs.5 Lakhs from the respondent Bank in May 2010, jointly in the name of his wife as well and the property concerned was given as security. Admittedly there was some default in repayment, when the Bank proceeded with steps under SARFAESI Act, which in turn is under challenge.

(2.) THE learned counsel for the petitioner submits that, the default was never wilful, but because of some frustrating pecunary circumstance and that the earnest efforts are being taken to clear the entire overdue amount and to have the loan account regularised. It is also pointed out that the condition imposed by this Court on 06.07.2012; to deposit a sum of Rs.1,00,000/- so as to have the benefit of 'status quo' has been duly complied with.

(3.) AFTER hearing both the sides and also considering the submission made by the learned counsel for the petitioner that, there is absolutely no dispute with regard to the liability and that the relief sought for is only to have the benefit of some breathing time, this Court permits the petitioner to clear the entire overdue amount by way of 'four' equal monthly instalments, the first of which shall be effected on or before 10th of September 2012, to be followed similar instalments on or before the 10th of the succeeding months. This will be in addition to the liability to the petitioner to satisfy the regular instalments as well. Subject to this, the recovery proceedings, if any, shall be kept in abeyance for the time being.