The petitioner has approached this Court challenging the proceedings initiated by the respondent bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as “the SARFAESI Act”). Pursuant to Ext.P2 notice under section 13 (2), the bank has published a notice under section 13(4) of the SARFAESI Act as well. According to the petitioner he had availed of a cash credit facility of Rs.10,00,000/-. Though he had remitted certain amounts towards interest, he was unable to pay the entire amount as agreed and therefore he is faced with the proceedings under the SARFAESI Act.
2. The learned standing counsel appearing for the respondent submits that as on 4.10.2014, the balance amount due is Rs.10,88,077/-.
3. Having regard to the aforesaid submission and since the learned counsel appearing for the petitioner has expressed the intention to pay off the entire liability on granting instalment facility,
W.P.(C)No.24882 of 2014
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this writ petition is disposed of as under:
The petitioner shall pay the entire amount outstanding to the account of the bank in ten equal monthly instalments. The first instalment is payable on 5.11.2014 and the balance instalments on succeeding months. If there is default in payment of any two instalments, the bank will be free to proceed pursuant to Ext.P3 in accordance with law. Until such time, proceedings pursuant to Ext.P3 shall be kept in abeyance.
Sd/-
vpv
A.M.SHAFFIQUE JUDGE