The petitioner who had availed a loan from the respondent Bank defaulted in the same and consequently Ext.P1 notice was issued by the Bank under Section 13(2) of the Securitization and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 [SARFAESI Act]. In the writ petition, while impugning Ext.P1 notice, the petitioner, in the alternative, prays for some time for effecting payment of the overdue amounts. 2. I have heard the learned counsel for the petitioner as also Sri.Sathish Ninan, the learned Standing Counsel for the respondent Bank.
3. On a consideration of the facts and circumstances of the case as also the submissions made by counsel on both sides, I dispose the writ petition with the following directions:
(i) The total amount due from the petitioner as of today is stated to be in an amount of Rs.12,33,369/-.
W.P.(C).NO.35315/2014 2
(ii) The petitioner shall pay an amount of Rs.2 lakhs on or before 15.1.2015. Thereafter the petitioner shall effect payment of the balance amount in five equal monthly instalments commencing from 15.2.2015.
(iii) It is made clear that if the petitioner defaults in any one instalment, then she shall loose the benefit of this judgment and it will be open to the respondent Bank to continue the proceedings against the petitioner from the stage at which they currently stand.
It is further made clear that the amount of Rs.1 lakh, stated to have been deposited by the petitioner in a no lien account with the respondent Bank, can be adjusted by the respondent Bank towards the dues of the petitioner.
A.K.JAYASANKARAN NAMBIAR JUDGE prp