1. Petitioners challenge Exhibit P1 possession notice issued by the 1st respondent in connection with proceedings under the SARFAESI Act. Although various contentions are raised in the writ petition, against the said notice issued by the respondent, the petitioner now limits his prayers to a consideration of an installment facility for payment of amounts due to the 1st respondent.
2. I have heard counsel appearing on behalf of the respondent bank, who submits that the installment facility can be granted subject to the petitioner continuing to pay the installment as per the original loan schedule. On a consideration of the facts and circumstances of the case, this writ petition is disposed with the following directions:
I. The petitioner shall pay the overdue amount of Rs.3,75,000/- (Rupees Three lakhs seventy five WPC.No.11748/14 2 thousand only) in six monthly installments commencing from 01.06.2014.
II. He shall continue to pay the installments as per the original loan schedule over and above the payments directed above.
III. The coercive steps initiated against the petitioner pursuant to Exhibit P1 notice shall be kept in abeyance till then.
IV. If the petitioner defaults in any one installment as directed above, the benefit of this Judgment shall not enure to the petitioner and it will be open to the respondent to continue with the recovery proceedings from the stage at which they currently stand.
Sd/-
(A.K.JAYASANKARAN NAMBIAR, JUDGE) //TRUE COPY// P.A TO JUDGE DG