2017 (2) TMI 654

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....ire balance amount covered by Ext.P3 letter dated 7/4/2015 with interest @12% per annum from 30/6/2015 and also comply with all other terms as stated in the said letter within a period of three months from today. Interest shall be paid for the payments already made, taking into account the delay in remittance from the respective dates as shown in Ext.P3. However, during the aforesaid period, Bank will have no obligation to release any of the securities, unless otherwise decided by the Bank. (ii) The sale of the scheduled property shall be fixed only after the expiry of three months as stated above. However, the Bank will be free to take all other steps, to notify the property for sale, if so advised. (iii) If any of the payments afore....

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....tood automatically cancelled by 30.6.2015. However, the borrower again requested for extension and the said request was rejected by letter dated 30.12.2015 [Ext.R2(k)]. 4. The borrower, instead of approaching the Debt Recovery Tribunal, as required under law, approached this Court by filing the writ petition. In view of availability of alternative and efficacious remedy, this Court should have dismissed the writ petition at the initial stage itself. However, this Court took a lenient view and entertained the writ petition to see that the Bank gets certain sums of money from the borrower and also that the borrower gets some breathing time to pay the loan amount. This Court extended the time to pay the balance amount. However, the borrower....

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.... may, having regard to the totality of the facts and circumstances, though we find that the judgment of the learned Single Judge need not be interfered with, we deem it proper, looking to the amount to be repaid by the borrower, to extend the time fixed by the learned Single Judge for repaying the dues upto 31.10.2016. Accordingly, we pass the following: (i) The borrower shall pay to the Bank the entire balance amount covered by Ext.P3 letter dated 7.4.2015 with interest @ 12% per annum from 30.6.2015 and also comply with all others terms as stated in the said letter, on or before 15.11.2016. Interest shall be paid for the payments made belatedly, taking into account the delay in their remittance from the respective dates as shown in Ext....