Hon'ble Yogesh Chandra Gupta,J.
The present writ petition has been filed against the demand notice issued under Sub Section (2) of Section 13 of the SARFAESI Act, 2002 dated 29th of October, 2009 (Annexure-2).
The learned counsel for the petitioners submits that the petitioners are ready to deposit the entire amount. Necessary averment in this regard has been made in para 13 of the writ petition. The learned counsel for the respondent Bank, Sri Manish Malhotra, has no objection if sometime is granted to the petitioners to make the deposit. The writ petition is disposed of on the following terms:-
The recovery proceedings against the petitioners shall be kept in abeyance provided the petitioners pay the entire dues in four equal instalments. The first instalment shall be paid by the petitioners by 15th of February 2010, the second instalment shall be paid by 15th of May 2010, the third instalment shall be paid by 15th of August 2010 and the last instalment, by 15th of November, 2010. Any amount deposited earlier by the petitioners shall be adjusted.
It is made clear that in case of default in payment of any of the instalments as aforesaid, this order shall stand automatically vacated and the respondents will be at liberty to realize the entire amount in accordance with law.
(Prakash Krishna, J.) (Yogesh Chandra Gupta, J.) Order Date :- 18.1.2010 LBY