Ashok Bhushan, Ag. C.J. Heard the learned counsel for the appellant.
2. This appeal is filed against the judgment of learned Single Judge dated 2nd December, 2014 by which order the learned Single Judge dismissed the writ petition.
3. The petitioner was a defaulter against whom proceedings under the SARFAESI Act had been initiated by the Bank. The total liability against the petitioner was Rs.63,85,242/- as on 3.11.2014. The learned Single Judge passed an order directing the petitioner to deposit Rs. 15 lakhs on or before 30.11.2014. The petitioner failed to deposit. Hence, the writ petition was dismissed.
4. Learned counsel for the appellant submits that the appellant accepts the entire liability and is ready to pay provided he may be given reasonable time till the end of this financial year. He submits that the petitioner shall liquidate the entire amount as per the terms settled by the Bank after payment of the aforesaid Rs. 15 lakhs. Counsel for the Bank submits that the petitioner had given an offer to pay 25% by 30th November, 2014 and after that the Bank may consider the petitioner’s prayer to grant some more time.
W.A. No. 1977 of 2014 -: 2 :-
5. After having heard learned counsel appearing for the parties and perusing the records, we are of the view that one more opportunity can be given to the petitioner to pay off his dues. In the above view, we dispose of the writ appeal with the following directions:
(i) The appellant shall deposit half of the amount of Rs. 15 lakhs on or before 31st January, 2015 and balance by 30th March, 2015.
(ii) After deposit of the said amount, the appellant shall approach the Bank, who shall consider granting appropriate time for payment of outstanding dues.
(iii) If the appellant commits default, it shall be open for the Bank to proceed fur under the SARFAESI proceedings.
Sd/-
Ashok Bhushan, Ag. Chief Justice Tds/ Sd/-
A.M. Shaffique, Judge.