Petitioner is faced with proceedings under the SARFAESI Act and steps are being taken by the respondent Bank to take possession of the secured asset. 2. Though an interim order was passed by this Court on 18.7.2014 calling upon the petitioner to remit Rs. 2 lakhs within a month, the petitioner has not remitted the same.
3. Counsel for the respondent submits that the total outstanding as on date is Rs. 23,32,870/- .
4. Having regard to aforesaid submission, I am of the view that this writ petition can be disposed of permitting the petitioner to remit the amounts in instalments. Hence, this writ petition is disposed of as under:
Further proceedings under the SARFAESI Act shall be kept in abeyance on condition of the petitioner paying the entire outstanding dues in ten equal monthly instalments. The first instalment shall be paid on or before 7.11.2014. If there is default in payment of any of the instalments, the Bank shall be entitled to proceed in accordance with law.
Sd/-
A.M. Shaffique, Judge.
Tds/