Petitioner is faced with proceedings under the SARFAESI Act. The learned counsel for the petitioner submits that the petitioner only seeks time to regularise the loan account which he had availed of from the respondent Bank. 2. A statement has been filed by respondents 1 and 2 inter alia stating that there are two loan accounts, one an over draft facility and the other a term loan. As far as the OD facility is concerned, the overdue amount as on 16.9.2014 is Rs. 1,24,608/- and the overdue amount for term loan is Rs. 7,84,111/-. and only if the aforesaid amounts are paid, the account can be regularised.
3. Having regard to the aforesaid submission, I am of the view that some time can be granted to the petitioner to regularise the loan accounts as aforesaid and accordingly this writ petition is disposed of as under:
(i) Further proceedings under the SARFAESI Act shall be kept in abeyance on condition of the petitioner repaying the overdue amounts as referred above in six equal monthly instalments starting from 7.11.2014, along with regular monthly instalments.
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(ii) If any instalment is not paid, the Bank will have no obligation to regularise the loan account and will be entitled to proceed in accordance with law.
Sd/-
A.M. Shaffique, Judge.
Tds/