TULASIDAS. V. Vs. STATE OF KERALA

JUDGEMENT

(1.) THE petitioner availed a housing loan from the 2nd respondent Bank, on the strength of security interest created over the property. Since default was committed, the respondent Bank has initiated SARFAESI proceedings, in the context of there being arrears for reason of failure to pay the equated monthly instalments.

(2.) THE learned counsel for the respondent Bank submits that the total outstanding arrears as on today, is Rs.1,09,546/ -.

(3.) IN the circumstances of the petitioner satisfying the entire arrears/default along with charges if any, in 'six' monthly instalments along with the regular payment of EMIs, on the respective due dates, there shall be a direction to the respondent Bank to regularize the loan account and permit the petitioner to pay the amounts as per the original agreement. The recovery proceedings shall stand closed on the satisfaction of the arrears and also on regular EMIs being paid.