Petitioner has approached this Court at a stage when Section 13(4) proceedings have been taken against the petitioner under the SARFAESI Act. 2. Without going into the merits of the contentions urged, the learned counsel for the petitioner submits that the petitioner may be granted time to regularize the loan account.
3. Learned standing counsel for the respondent Bank submits that the total arrears outstanding is Rs.4,10,954/-.
4. Having regard to the aforesaid factual situation, I am of the view that an opportunity can be granted to the petitioner to regularize the loan account by paying the arrears in six equal monthly instalments along with the regular EMI. Hence, the writ petition is disposed of as under:
The petitioner shall pay the entire arrears in six equal monthly innstalments. First instalment shall be paid on or W.P(C) No. 25238 of 2014 -: 2 :-
before 6.11.2014. The petitioner shall also pay the regular monthly instalment within the time stipulated as per the terms of the agreement. In case of default in payment of any instalment, the respondent will be entitled to proceed in accordance with law.
Tds/ Sd/-
A.M. Shaffique, Judge.