J U D G M E N T

Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) to recover the amounts due under a mortgage loan availed by the petitioner from the respondent financial institution.

2. When this matter came up for consideration before this court on 08-12- 2022, the following order was issued;

“Post on 14.12.2022. The petitioner undertakes to remit a sum of Rs.10 lakhs on or before 12.12.2022 towards the loan liability.”

3. When this matter is taken up for consideration today, it is submission of the learned counsel appearing for the petitioner that the petitioner has remitted a sum of Rs.10,00,000/-. It is submitted that the petitioner is willing to pay the overdue amount in some installments and the loan account of the petitioner may be regularised. It is submitted the petitioner will also pay the regular EMIs on the due dates.

4. The learned counsel appearing for the respondent financial institution states that the loan account of the petitioner was restructured on two earlier occasions by the respondent financial institution and the default was committed notwithstanding such restructuring. It is submitted that in such circumstances regularisation may not be possible. However, it is submitted that if the petitioner remits a further sum of Rs.10,00,000/- on or before 15-01-2023, any proposal that may be submitted by the petitioner can be considered by the competent authority of the respondent financial institution.

5. Having regard to the facts and circumstances of the case and considering the submissions made as above, this writ petition will stand disposed of directing that the petitioner shall make a comprehensive proposal for regularisation of the loan account or for settling the liability under the one time settlement scheme (if any) of the respondent financial institution. If such proposal is made on before 15-01-2023 together with the payment of a further amount of Rs.10,00,000/- towards the loan liability, the respondent financial institution shall take a decision on such proposal and shall intimate its decision to the petitioner. Till such time a decision is taken on the proposal to be submitted, further proceedings under the SARFAESI Act shall be kept in abeyance.

Sd/- GOPINATH P.

JUDGE AMG APPENDIX OF WP(C) 38749/2022 PETITIONER EXHIBITS Exhibit P1 A TRUE COPY OF THE LOAN STATEMENT DATED 06-05-2022 FOR THE PERIOD FROM 01-01-2008 TO 06-05-2022 FOR THE LOAN ACCOUNT NO: 1771062 Exhibit P2 A TRUE COPY OF THE LOAN STATEMENT DATED 06-05-2022 FOR THE PERIOD FROM 01-01-2008 TO 06-05-2022 FOR THE LOAN ACCOUNT NO: 4649307 Exhibit P3 A TRUE COPY OF NOTICE ISSUED UNDER SECTION13(2)OF SARFAESI ACT, 2002 DATED 22.07.2022 ISSUED BY THE RESPONDENT BANK Exhibit P4 A TRUE COPY OF THE POSSESSION NOTICE ISSUED BY THE RESPONDENT BANK DATED 20-10-2022 UNDER SEC13(4) OF THE SARFAESI ACT,2002 Exhibit P5 A TRUE COPY OF THE LOAN CLOSURE LETTER ISSUED BY THE RESPONDENT BANK WITH RESPECT LOAN ACCOUNT NUMBER

955845 DATED 18-02-2022 Exhibit P6 A TRUE COPY OF THE OTS REQUEST LETTER DATED 29-06- 2022 SUBMITTED BY THE DEPONENT Exhibit P7 A TRUE COPY OF THE STATEMENT OF ACCOUNT WITH RESPECT TO LOAN ACCOUNT NO. 3869256000007Â FOR THE PERIOD FROM 1.04.2022 TO 3.12.2022 Exhibit P8 A TRUE COPY OF THE STATEMENT OF ACCOUNT WITH RESPECT TO LOAN ACCOUNT NO. 3869261000048Â FOR THE PERIOD FROM 1.04.2022 TO 3.12.2022 Exhibit P9 A TRUE COPY OF THE STATEMENT OF ACCOUNT WITH RESPECT TO LOAN ACCOUNT NO. 3869710000033 Â FOR THE PERIOD FROM 1.04.2022 TO 3.12.2022 Exhibit P10 A TRUE COPY OF THE STATEMENT OF ACCOUNT WITH RESPECT TO LOAN ACCOUNT NO. 3869755000037 Â FOR THE PERIOD FROM 1.04.2022 TO 3.12.2022 Exhibit P11 A TRUE COPY OF THE LOAN STATEMENTS FOR LOAN ACCOUNT NO. TVM20180190 FOR THE PERIOD FROM 1.4.2021 TO

31.3.2022 Exhibit P12 A TRUE COPY OF THE LOAN STATEMENTS FOR LOAN ACCOUNT NO. FOR LOAN ACCO