The petitioner challenges the proceedings taken by the respondent invoking the provisions under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act”). Ext.P1 is the notice issued under section 13(2) of the SARFAESI Act. Pursuant to further proceedings under section 13(4) the respondent bank approached the Chief Judicial Magistrate, Palakkad, on whose directions the Advocate Commissioner had issued Ext.P2, calling upon the petitioner to surrender possession of the property on 8.10.2014. Apparently the petitioner has not disputed the claim made under Ext.P1 and since the loan amount is outstanding the petitioner is under obligation to pay the said amount for avoiding proceedings under section 13(4) of the SARFAESI Act.
2. The learned counsel for the petitioner would however submit that the petitioner is ready and willing to repay the entire amount, if some time is granted especially on account of the fact
W.P.(C)No.25814 of 2014
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that the property includes a residential house also.
3. The learned standing counsel appearing for the respondent opposes the above request on the ground that sufficient time has been granted to the petitioner to repay the loan amount and since there is default, proceedings have been taken under section 13(4) of the SARFAESI Act. However having regard to the nature of the contentions raised, I am of the view that some time can be granted to the petitioner to repay the entire amount. Accordingly, this writ petition is disposed of as under:
The petitioner shall pay the entire balance amount in ten equal monthly instalments. The first instalment shall be paid on or before 23.10.2014 and the rest of the instalments shall be paid on the succeeding months. If there is default in payment of any two instalments, the bank shall be entitled to take possession of the property as directed pursuant to Ext.P2.
vpv
Sd/-
A.M.SHAFFIQUE JUDGE