The court established the obligation of the petitioner to repay outstanding amounts to avoid foreclosure under the SARFAESI Act.

JUDGMENT

Dated this the 26^th day of February, 2026 The petitioner has availed financial assistance from the 2^nd respondent Bank through his father for an amount of Rs.12 lakhs on 23.01.2023. Since there was default in repayment, when notice under SARFAESI Act was issued, he remitted Rs.1,80,000/- with the 2^nd respondent Bank. The petitioner has now issued with Ext.P3 notice by the 3^rd respondent for taking possession of the secured asset under Section

13(4) of the Act.

2. The learned Standing Counsel for the Bank, on instructions, submits that the outstanding amount in Cash Credit Facility is Rs.56,638/- and the overdue amount as regards SP EML as on date is Rs.4,57,844/-. The Bank has no objection in regularizing the loan account.

3. Having heard the learned counsel on both sides, and taking note of the fact that the Bank is proposing to take physical possession of the property and since the Bank has no objection in regularizing the loan account, I deem it appropriate to dispose of this writ petition with the following directions:

a) The petitioner shall pay the entire outstanding amount of Rs.56,638/- in the Cash Credit and close the loan on or before

15.03.2026.

b) The petitioner shall remit the overdue amount in the SP EML loan of Rs.4,57,844/- together with any accrued interest, costs and allied charges, in ten equated monthly installments, starting from 25.03.2026 and the subsequent installments shall be paid on or before 25^th of every succeeding month.

c) The petitioner shall continue to pay the regular EMIs/installments along with the installments as directed above.

d) In the event of default of any one installment, the respondent Bank shall be entitled to proceed for recovery in accordance with law.

e) All coercive proceedings shall be kept in abeyance to enable the petitioner to repay the entire amount as directed above.

Sd/-

BASANT BALAJI JUDGE Sru PETITIONER EXHIBITS LOAN PASSBOOK DATED 23.01.2023 BY THE 2ND RESPONDENT BANK DATED 30.10.2023 BY THE 3RD RESPONDENT DATED 18.10.2025