Petitioner had approached this Court when proceedings have been taken by the respondent bank under Section 13(4) of the SARFAESI Act. The learned counsel appearing for the respondent bank submits that the outstanding amount is ₹ 14,78,832/- as on today. The learned counsel for the petitioner seeks time to pay the outstanding liability in instalments. 2. Having regard to the factual situation involved in this case, I am of the view that some time can be granted to the petitioner to repay the amount in instalments.
3. Accordingly, this writ petition is disposed of as under:
The petitioner shall pay the entire balance amount due to the respondent bank in 12 equal -2-
W.P.(C). No. 25849 of 2014 monthly instalments. The first intalment shall be paid on or before 05.11.2014.
If the payments are made as stated above further proceedings shall be kept in abeyance.
If there is default in payment of any of the instalment it shall be open to the respondent bank to take further proceedings pursuant to Ext.P1 notice, in accordance with law.
Sd/-
A.M. SHAFFIQUE JUDGE das