The petitioner is aggrieved with the sale proceedings initiated through Ext.P1, against his property for satisfaction of debts due to the respondent Bank. The learned counsel appearing for the respondent submits that huge arrears are due, coming to Rs.24,00,000/-. The petitioner is a chronic defaulter and notice for sale was issued long before. The learned counsel for the Bank would contend that at this stage, when sale is already posted, this Court may not interfere with the proceedings, since the same would cause further expenditure to the Bank. 2. In such circumstance, it is directed that sale proceedings with respect to the petitioner's property shall be proceeded with. However, no WPC No.16155/2014 ::2::
confirmation shall be granted for one month, on condition of the petitioner paying an amount of Rs. 2,00,000/-(Rupees Two lakhs only) on or before 25.07.2014. If the said payment is not made, the Bank would be entitled to go ahead and confirm the sale proceeded with.
3. On the petitioner making such payment, the sale shall stand cancelled and the petitioner shall be given further time of 11 monthly installments to make the balance payments. The 1st installment then shall be on 25.08.2014 followed up with, on the 25th of each succeeding months. On satisfaction of the 11 installments, the Bank shall be entitled to raise a further demand for future interest, which shall be satisfied as the 12th installment. Any single default would result in revival of the proceedings for recovery.
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4. If at all the Bank comes out with a One Time Settlement Scheme, then the petitioner would be entitled to make an application for the same and settle the amounts as per the scheme.
Writ petition disposed of.
Sd/-
K.VINOD CHANDRAN, jma Judge //true copy// P.A to Judge