The petitioner is aggrieved by the SARFAESI proceedings initiated against the petitioner's property for recovery of defaulted amounts in a cash credit facility and two term loans. The petitioner prays that if he is granted three moths time, the entire amounts would be settled. The learned Standing Counsel for the respondent Bank however, opposes the same, since many a time the petitioner was granted instalments, but the same were not complied with. Looking at the records produced, on an earlier occasion, the petitioner was before this Court claiming regularization of the loan accounts and undertook to pay the amount outstanding being Rs.70,00,000/-. The petitioner was granted four equal monthly instalments starting from 31.12.2013. 2. It is submitted by the respondent Bank that not a W.P.(C) No. 14521 of 2014 2 pie was paid as against this concession granted by this Court. The learned counsel for the petitioner contends that he did not pay the amounts only because, the Bank had filed a review. A copy of the judgment dated 20.01.2014 in review is produced by the Bank across the bar. In fact this Court has not at all interfered with the instalment granted, but merely recorded the submission of the Bank that regularization can be only on production of certain documents. Definitely the petitioner ought to have complied with the instalments as also produced the documents for regularization of the cash credit facility. The respondent Bank also submits that stock statement and financial statements were not produced by the petitioner.
3. In such circumstance, also considering the considerable amounts due, being about Rs.4crores, there can be no further extension of equity to the petitioner. However, if the petitioner pays an amount of Rs.1crore on or before 09.07.2014, the proceedings under the W.P.(C) No. 14521 of 2014 3 Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI), 2002, shall be kept in abeyance. The balance amount shall be paid in three monthly instalments on the 9th of the three succeeding months. If the entire amounts are paid, in accordance with the directions, the Bank shall issue a statement of the further interest payable which shall be paid as the 4th instalment on the 9th of the very next month. If one default is made, the Bank shall be entitled to resume the proceedings under the SARFAESI Act, at the stage at which this Court has directed it to be kept in abeyance.
With the above directions and observations, the Writ Petition is disposed of.
Sd/-
K. VINOD CHANDRAN, JUDGE SB // True Copy // P.A To Judge.