Petitioner has approached this Court challenging the proceedings initiated under the SARFAESI Act by which a warrant has been issued by the Chief Judicial Magistrate, Thiruvananthapuram authorising the Advocate Commissioner to take possession of the secured assets.
2. According to the petitioner, the respondent is proceeding to take over possession of his residential building and he is ready and willing to pay the entire amount in instalments.
3. The learned Standing Counsel appearing for the respondent bank submits that the total outstanding as on 01/03/2014 is Rs.6,14,273/-. Petitioner, of course, is liable to pay the entire amount with interest in terms of the contract between the parties.
4. Having regard to the submission of the learned counsel for the petitioner, I am of the view that petitioner can be granted some time to pay the amount in instalments.
Hence this writ petition is disposed of as under:
i) Petitioner shall pay the entire balance amount in ten equal monthly instalments. The first instalment shall be paid on or before 07/11/2014.
ii) If there is any default in payment of any instalments, it shall be open for the Advocate Commissioner to take possession of the property in terms with Ext.P3.
iii) Until such time, Ext.P3 proceedings shall be kept in abeyance.
(sd/-) (A.M.SHAFFIQUE, JUDGE) jsr