The petitioner challenges Ext.P2 notice issued under section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act”). The petitioner does not dispute the liability to pay but only seeks instalment facility, apprehending further proceedings pursuant to section 13(4) of the SARFAESI Act.
2. The learned counsel appearing for the respondents would submit that as on 7.10.2014 the balance amount due is Rs.2,73,360/-. The learned counsel also objects to the request for payment of the amount in instalments.
3. Having regard to the factual situation as narrated in the writ petition I am of the view that some time can be granted to settle the liability. Accordingly this writ petition is disposed of as under:
The petitioner shall pay the outstanding amount due to the respondent bank in six equal monthly instalments starting from 7.11.2014 and thereafter on succeeding months. If there is any default in remitting any instalment it shall be open for the respondent bank to proceed in accordance with law pursuant to Ext.P2 notice.
vpv
Sd/- A.M.SHAFFIQUE JUDGE