Court No. - 29
Case :- WRIT - C No. - 26035 of 2019 Petitioner :- M/S Knavish Mens Wear And Another Respondent :- Chief Manager (Authorised Officer) Central Bank Of India And Another Counsel for Petitioner :- Rajesh Kumar Mishra Counsel for Respondent :- Sanjai Singh
Hon'ble Pankaj Mithal,J. Hon'ble Saral Srivastava,J.
Heard learned counsel for the petitioners and Sri Sanjai Singh, learned counsel for the respondents.
The petitioners are aggrieved by the notice dated 14.05.2019 issued under Section 13 (2) of the SARFAESI Act.
Notwithstanding the remedy available to the petitioner under Section 17 of the Act, as the petitioner is ready and willing to make the payment of the entire dues as demanded provided some reasonable time is allowed and installments are fixed, we consider it expedient in the interest of justice to dispose off the writ petition with the direction to the petitioner to deposit a sum of Rs. 11,46,097/- within a period of one month from today and the balance amount of Rs. 20,00,000/- in 4 quarterly installments of Rs. 5,00,000/- each to be payable in the months of October, 2019, January, 2020, April, 2020 and July, 2020 respectively. The last installment will include interest and other charges, if any on the outstanding amount.
In the event of default in payment of any of the installments within time, the benefit of this order would come to an end automatically.
With the above observations, the petition stands disposed off. Order Date :- 26.8.2019 Nirmal Sinha