Petitioner is faced with proceedings under Section 13 (4) of the SARFAESI Act. The respondent Bank has approached the Chief Judicial Magistrate and directions have been issued by appointing an Advocate Commissioner to take possession of the secured asset and to hand over the same to the respondent Bank. At this stage, the petitioners have approached this Court.
2. It is not in dispute that this Court cannot interfere with proceedings under the SARFAESI Act, unless the fundamental right of the petitioner is affected. However, the learned counsel for the petitioners seeks for time to pay the entire amount in instalments. He has requested repayment in 15 equal monthly instalment. This prayer is opposed by the learned counsel for the respondents.
3. Having regard to the factual issue involved in the matter, I am of the view that some time can be granted to the petitioners to repay the amount in instalments. Accordingly, the writ petition is disposed of as under:
The petitioners shall pay the entire amount due to the Bank in nine equal monthly instalments. The first instalment shall be paid on or before 30.10.2014 and the balance amount in succeeding months.
W.P(C) No. 24496 of 2014 -: 2 :-
If the instalments are paid in time as directed above, proceedings initiated by the Bank shall be kept in abeyance. If there is failure to pay any one instalment, the Advocate Commissioner will be free to take possession as directed by the learned Chief Judicial Magistrate.
Sd/- A.M. Shaffique, Judge.
Tds/