Ashok Bhushan, Ag.CJ.
Heard learned counsel for the appellants as well as learned counsel for the respondent.
2. This Writ Appeal is filed against the judgment dated 12.6.2014 passed by the learned Single Judge in W.P(C).No.14536 of 2014 filed by the respondent/writ petitioner challenging the proceedings under the Securitization and reconstruction of Financial assets and Enforcement of Security Interest Act, 2002. The learned Single Judge has disposed of the Writ Petition with the following directions:
“(i) The respondent Bank shall issue a statement of accounts showing the defaulted amounts as on 15.06.2014.
(ii) The respondent Bank shall grant ten monthly instalments for the payment of the balance dues, starting from 12.07.2014.
(iii) Recovery proceedings shall be kept in abeyance on condition that the remittance as as per this order are made without any default.
(iv) On the petitioner making two consecutive defaults, the recovery steps initiated shall revive and continue.
(v) On the tenth instalment being satisfied, the respondents shall issue a statement of the interest accrued from 15.- 6.2014 which shall be satisfied by the petitioner on the 12th of the succeeding month.
(vi) On the petitioner satisfying the entire arrears, the recovery proceedings shall be unenforceable.”
3. Interest of justice has been done by the judgment of the learned Single Judge in which we do not find any ground to interfere. However, we observe that in condition No.(iv), instead of two consecutive defaults, we substitute it as any two defaults.
The Writ Appeal is disposed of modifying the judgment as above.
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ASHOK BHUSHAN ACTING CHIEF JUSTICE vgs27/10/14 A.M.SHAFFIQUE JUDGE