Petitioner has approached this Court at a stage when recovery proceedings had been initiated by the respondent Bank under the SARFAESI Act. 2. Though the petitioner challenges the said proceedings pursuant to Ext. P2 notice, this Court cannot interfere in SARFAESI proceedings. However, having regard to the fact that the petitioner has expressed an intention to repay the amount, I am of the view that an opportunity can be given to the petitioner to make up the defaulted instalments within a specified time.
3. The learned counsel for the Bank submits that the outstanding amount due is Rs. 1,95,000/- as on 30.9.2014. According to her, if the defaulted instalment is paid, the Bank shall consider regularizing the account.
4. Having regard to the aforesaid submission, I am of the view that some time can be granted to the petitioner to settle the liability outstanding so that he will get the benefit of paying the instalments as per the contract between the parties.
Accordingly, this writ petition is disposed of as under:
(a) The petitioner shall pay the outstanding amount as on 30.9.2014 in three equal monthly instalments. The 1st W.P(C) No. 22702 of 2014 -: 2 :-
instalment shall be paid on or before 15.11.2014 and the balance on the respective dates on the succeeding months.
(b) The petitioner shall pay the EMI as per the contract between the parties.
(c) If the petitioner commits default in payment of any one instalment, it shall be open for the Bank to take appropriate action in accordance with law.
(d) Till such time, recovery proceedings shall be kept in abeyance.
Tds/ Sd/-
A.M. Shaffique, Judge.