P YOOSUF Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) These writ appeals arise out of a common judgment of the learned single Judge of this Court dated 06.07.2016 in W.P.(C) Nos.27696 and 31084 of 2015. W.A. No.2467/2016 arises out of W.P.(C) No.27696/2015 and W.A. No.2470/2016 arises out of W.P.(C) No.31084/2015.

(2.) The appellant in these writ appeals availed a Cash Credit facility from the respondent Bank to a limit of Rs.20 lakhs by mortgaging his assets including immovable properties. When there was default on the part of appellant in repaying the amount, proceedings were initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002(for short 'SARFAESI Act') which was under challenge in W.P.(C) No. 14898 of 2014.

(3.) This Court by Ext.P1 judgment dated 16.06.2014 disposed of the said writ petition by which the appellant was permitted to clear the entire arrears as on 14.06.2014 together with interest in 16 installments. It was also made clear that if the appellant commits default in remitting two consecutive installments, the recovery proceedings initiated under the SARFAESI Act would revive from the stage at which it has been interdicted by this Court in Ext.P1 judgment.