Ashok Bhushan, Ag.CJ.
Heard learned counsel for the appellant as well as learned counsel appearing for the respondents.
2. This Writ Appeal has been filed against the judgment dated 15.10.2014 in W.P(C).No.26827 of 2014 filed by the appellant. The appellant had availed a loan from the first respondent financial institution. Default having been committed in payment of the instalments, proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 was taken by the respondent. The learned Single Judge, by judgment dated 15.10.2014, permitted the appellant to deposit the overdue amount in five equal monthly instalments along with regular EMI, and the first instalment to be paid on or before 10.11.2014.
3. Learned counsel for the appellant has come up with a prayer that he is ready to deposit the entire loan amount within five months. He submits that the entire overdue amount shall be paid in five equal monthly instalments as directed by the learned Single Judge, but he may be permitted to pay the first instalment by 10.12.2014. He further submits that the entire outstanding amount of land shall also be cleared off within five months.
4. In view of the above submission, we direct that the appellant shall pay the entire overdue amount as on date in five equal monthly instalments beginning from 10.12.2014 and that the entire loan amount may also be repaid by the appellant in next five months beginning from 10.12.2014. We make it clear that in case default in payment of one instalment is committed by the appellant as directed above, it shall be open for the respondent financial institution to proceed further under the SARFAESI Act, 2002.
The Writ Petition is disposed of as above.
ASHOK BHUSHAN ACTING CHIEF JUSTICE vgs19/11/14 A.M.SHAFFIQUE JUDGE