Ashok Bhushan, Ag.CJ Heard learned counsel for the appellant as well as learned counsel appearing for the Bank. 2. This writ appeal has been filed against the judgment dated 23.10.2014 passed by the learned Single Judge in the writ petition filed by the appellant. The appellant has filed the writ petition seeking a direction to consider Ext.P5 representation for private sale of her property before any steps are taken by the Bank. The proceedings were initiated by the Bank under the SARFAESI Act, 2002. The petitioner has further stated that the petitioner has already identified a buyer and time was sought.
3. Learned Single Judge, by judgment dated 23.10.2014 directed that for 45 days, coercive proceedings shall be kept in abeyance and the petitioner was given liberty to take all necessary steps for arranging 'private sale'. The appellant came up in appeal seeking further time for finalising the private sale.
4. Learned counsel for the Bank opposed the prayer and submits that earlier she has prayed for six months' time and nearly five months has elapsed. Learned counsel for the bank also submits W.A. No. 1849/14 2 that she may deposit certain amount to show her bonafide. If she has identified a buyer, she can very well deposit a substantial amount before the bank.
5. In the facts and circumstances of the case, we dispose of the appeal with the following directions :
The time granted by the learned Single Judge by judgment dated 23.10.2014 is extended till 31.12.2014, subject to the petitioner depositing an amount of Rupees Ten Lakhs before the Bank, either by herself or through any prospective buyer. The time for completing the private sale shall be extended to 31.3.2015, by which date the petitioner has to complete the private sale of the property and discharge all the liabilities.
In case the petitioner commits default in payment of Rupees Ten Lakhs as directed, it shall be open for the Bank to proceed with the recovery proceedings.
The appeal is disposed of as above.
sou.
Sd/-
ASHOK BHUSHAN, ACTING CHIEF JUSTICE Sd/-
A.M.SHAFFIQUE, JUDGE.
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