The court has the discretion to permit a defaulting borrower to pay the overdue amount in instalments to enable the regularization of the loan account, subject to the condition that the borrower does not default the payment of the instalments.

The petitioner and his wife availed a property purchase loan from the respondent bank. The petitioner defaulted the payment of the instalments and proceedings under SARFAESI Act was initiated by the bank against the petitioner. The petitioner has filed this writ petition for direction to permit him to pay the overdue amount in instalments.

2. The learned Standing Counsel for the Bank, on instructions submits that, as on today (10.05.2024) the overdue amount is Rs.3,47,710/- (Rupees Three lakhs forty seven thousand seven hundred and ten only) and that if the petitioner pays the said amount in lump sum, the account can be regularized.

3. The learned Counsel for the petitioner submits that the petitioner may be permitted to pay the overdue amount in four equal monthly instalments.

4. Heard the learned counsel for the petitioner and the learned Standing Counsel for the Bank.

Having regard to the submissions made by the counsel on both sides, I am of the view that, the petitioner can be permitted to pay the overdue amount in four equal monthly instalments commencing from 01.06.2024 along with regular EMIs, In case the petitioner defaults the payment of any of the instlments as above, it will be open the respondent to initiate appropriate proceedings in accordance with law. To enable the petitioner to pay the amount in instalments as above, the coercive proceedings pursuant to Ext.P3 shall be kept in abeyance.

Sd/- MURALI PURUSHOTHAMAN JUDGE SRJ APPENDIX OF WP(C) 8103/2024 PETITIONER EXHIBITS Exhibit P1 THE TRUE COPY OF THE DEMAND NOTICE DATED 22.05.2023 ISSUED BY THE RESPONDENT BANK AGAINST LOAN ACCOUNT NO. 639606890. Exhibit P2 THE TRUE COPY OF THE DEMAND NOTICE DATED 22.05.2023 ISSUED BY THE RESPONDENT BANK AGAINST LOAN ACCOUNT NO. 642453366. Exhibit P3 THE TRUE COPY OF THE NOTICE DATED 13.02.2023 ISSUED BY THE ADVOCATE COMMISSIONER TO THE PETITIONER.