Ashok Bhushan, Ag.CJ.
Heard learned counsel for the appellant as well as learned counsel appearing for the Bank.
2. This Writ Appeal has been filed by the appellant against the order dated 2.12.2014 of the learned Single Judge dismissing I.A.No.16395 of 2014 seeking extension of time to satisfy the first instalment.
3. O.P(DRT).No.89 of 2014 was filed by the petitioner, which was disposed of by the learned Single Judge on 30.9.2014 with the following direction:
“4. After hearing both the sides, this court finds it fit and proper to permit the petitioner to clear the entire liability towards the loan account by way of 'ten' equal monthly instalments, the first of which shall be effected on or before 30.10.2014, followed by similar instalments to be effected on or before the 30th of the succeeding months. The recovery proceedings stated as being pursued against the petitioner shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the instalments as above, the respondent Bank will be at liberty to proceed with further steps for realization of the entire amount in lump from the stage where it stands now.”
4. The appellant could not deposit the first instalment and sought for time for one month, which was granted by the learned Single Judge. Again he could not deposit the amount and another application was filed seeking one more month, which was rejected as per the impugned order dated 2.12.2014. Learned counsel for the appellant submits that he is ready to deposit an amount of ₹25,00,000/- (Rupees twentyfive lakhs only), which shall cover three instalments, by 31st January, 2015 and rest of the instalments, he shall pay as per the direction of the learned Single Judge dated 30.9.2014. Learned counsel for the appellant submits that now the appellant has a purchaser, who is ready to enter into a tripartite agreement and clear off the liabilities.
5. Learned counsel for the Bank has submits that the appellant having not complied with the direction of the learned Single Judge, the Bank may be permitted to proceed with the proceedings under the SARFAESI Act.
6. We have considered the submissions and perused the records.
7. The learned Single Judge, as per judgment dated 30.9.2014, has already permitted the appellant to clear off the entire liability in ten monthly instalments, first of which was to be paid on 30.10.2014. We give one more opportunity to the appellant to clear off the outstanding amount by depositing an amount of ₹25,00,000/- (Rupees twentyfive lakhs only) on or before 30th January, 2015 and in the event the appellant deposits the said amount as stated above, she shall be entitled to avail the benefit of the judgment of the learned Single Judge dated 30.9.2014.
However, in the event the appellant commits default in payment of the aforesaid amount or commit any further default, it shall be open for the Bank to proceed under the SARFAESI Act and take appropriate action in accordance with law.
With the above direction, the Writ Appeal is disposed of.
ASHOK BHUSHAN ACTING CHIEF JUSTICE vgs19/12/14 A.M.SHAFFIQUE JUDGE