The petitioner is aggrieved by the possession notice issued under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002, for recovery of debts due to the Bank under two business loans. 2. The learned standing counsel appearing for the respondent Bank submits that the total amount due would come to more than Rs.14,00,000/- and the defaulted arrears as on today would alone be Rs.3,57,000/-. In the context of the undertaking of the petitioner that, the entire arrears would be paid within a period of one month, the coercive proceedings shall be kept in abeyance for a period of one month.
3. If the petitioner clears off the defaulted arrears and W.P.(C) No. 13044 of 2014 2 approaches the Bank for regularization of the loan account with supporting documents, necessarily the Bank shall consider the same and pass orders with respect to the regularization of the loan account.
The Writ Petition is disposed of. No cost.
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K. VINOD CHANDRAN, JUDGE SB // TRUE COPY //