The court considered the petitioner's willingness to pay a substantial amount of the total due within a specified timeline and provided the petitioner with the opportunity to approach the bank for loan restructuring or other concessions.

JUDGMENT

(Prayer: Writ Petition filed under Article 226 of Constitution of India, to issue a Writ of Certiorarified calling for the records relating to the impugned sale notice dated 13.07.2022 issued by the respondent and the sale was fixed on 26.08.2022 and quash the same as illegal.)

S.S. Sundar, J.

1. Challenging the impugned sale notice, dated 13.07.2022 issued by the respondent Bank, the above writ petition is filed.

2. Heard Mrs. Mahalakshmi, learned counsel appearing for the petitioner and Mr.R.Pandivel, learned Standing Counsel appearing for the respondent.

3. By consent, this writ petition is taken up for final hearing.

4. It is admitted by the petitioner that a sum of Rs.18,76,545/- is due as on 12.07.2022. It is found that the property, which is offered as security, is equivalent to the amount due.

5. Considering the facts and circumstances of the case and also considering the submissions of the learned counsel appearing on either side, particularly, taking note of the fact that the petitioner has come forward to pay substantiate amount upto 25% of the total due within four months from today, this Court is inclined to dispose of the writ petition in the following directions:-

(i)The respondent Bank shall not proceed further with the impugned sale notice dated 13.07.2022, provided the petitioner pays a sum of Rs.1.55 lakh on or before 12th September 2022 and a further sum of Rs.1.55 lakh on or before 12.10.2022 and a further sum of Rs.1.55 lakh on or before 14.11.2022 directly to the respondent Bank.

(ii)If the petitioner pays the amount as directed by this Court in this order, liberty is given to the petitioner to approach the respondent Bank either for restructuring the loan or for One Time Settlement or for wavier of penal interest and other concessions or for regularization of loan account, as per the norms applicable to the respondent Bank.

(iii)On making such payments, the respondent Bank shall consider the representation or request of the petitioner and pass final orders on merits and in accordance with law and communicate the same to the petitioner. Till such time, the respondent Bank shall not initiate any coercive action as against the petitioner.

(iv)In case, the petitioner fails to make any one of the installments as indicated above, it is open to the respondent Bank to proceed further in accordance with law, ignoring this order.

No costs. Consequently, connected miscellaneous petition is closed.