RAPHI.M.A v. THE AUTHORISED MANAGER

I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the respondents.

The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan account initially. The default in repayment of the loan occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the respondents.

In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.

The writ petition is therefore disposed of with the following directions: (i) The petitioner shall remit the overdue amount of 1,93,424/- in 10 equal and ₹ consecutive monthly instalments along with accruing interest and other administrative charges, if any. W.P.(C) No.539 of 2024 : 6 : (ii) First of such instalments shall be paid on or before 12.02.2024. (iii) If the petitioner commits default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iv) The petitioner shall also pay current EMIs along with the aforesaid payments. (v) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.539 of 2024 : 7 : APPENDIX OF WP(C) 539/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 Exhibit P3 THE COPY OF LOAN SANCTIONING INTIMATION DATED 14.2.2020 ISSUED BY THE 2ND RESPONDENT. THE TRUE COPY OF LETTER DATED 22.8.2023 ISSUED BY THE 2ND RESPONDENT TO THE PETITIONER. THE TRUE COPY OF LETTER DATED 28.12.2023 ISSUED UNDER 13(12) OF SARFAESI ACT BY THE 1ST RESPONDENT.