JUDGMENT

The petitioner has approached this Court challenging proceedings under the SARFAESI Act which have been initiated by the respondent financial institution for recovery of the amounts due from the petitioner.

2. During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

3. It was submitted on behalf of the respondent financial institution that the petitioner committed default in repayment of a housing loan and the overdue amount is Rs.3,51,036/-(Rupees three lakhs fifty one thousand and thirty six only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.

4. I have heard the learned counsel for the petitioner as well as the learned counsel for the respondents.

5. Having regard to the circumstances of the case and the situation now prevailing, apart from the submissions made as recorded above, I am of the view that the petitioner can be granted an opportunity to repay the overdue amount in ten instalments and thereafter, if the amount so directed is repaid within the time as directed above, to have the loan account regularised.

6. Accordingly, there will be a direction to the respondent financial institution to accept repayment of the entire overdue amount of Rs.3,51,036/-(Rupees three lakhs fifty one thousand and thirty six only) along with any accrued interest, costs and charges from the petitioner and regularise the loan account of the petitioner on the following conditions:

i. The overdue amount of Rs.3,51,036/-(Rupees three lakhs fifty one thousand and thirty six only) along with any accrued interest, costs and charges shall be repaid in ten equated monthly instalments.

ii. The first instalment shall be paid on or before 31.01.2023 and the subsequent instalments shall be paid on or before the last working day of every succeeding month.

iii. Petitioner shall continue to pay the regular EMI’s along with the instalments directed above.

iv. In the event of default of any one instalment, the respondent financial institution shall be entitled to proceed in accordance with law.

v. In order to enable the petitioner to repay the entire amounts, all coercive proceedings shall be kept in abeyance.

The writ petition is disposed of as above.

Sd/-

GOPINATH P.

JUDGE DK APPENDIX OF WP(C) 379/2023 PETITIONER EXHIBITS Exhibit-P1 A TRUE COPY OF THE LAWYER NOTICE DATED

20.4.2022 ISSUED BY THE 1ST RESPONDENT TO THE PETITIONER.

Exhibit-P2 A TRUE COPY OF THE DEMAND NOTICE DATED

9.11.2022 ISSUED BY THE 2ND RESPONDENT UNDER SECTION 13(2) OF THE SARFEASI ACT.