Petitioner has taken two loans from the respondent financial company and now proceedings have been taken by the respondent under SARFAESI Act, 2002. It is submitted that symbolic possession has been taken with reference to the secured asset. The learned counsel for the petitioner seeks time to regularise the loan account. 2. The learned Standing Counsel appearing for the respondent submits that in order to regularise the loan account, the petitioner will have to pay ₹ 3,19,072/- in respect of the first loan and ₹ 1,64,857/- in respect of the 2nd loan. In addition to that, if he pays regular instalments, necessary orders can be passed for regularising the accounts.
3. Having regard to the aforesaid circumstances, I am of the view that some time can be granted to the -2-
W.P.(C). No. of petitioner to repay the overdue amount in instalments.
4. Accordingly, this writ petition is disposed of as under:
The petitioner shall remit the overdue amount in 8 equal monthly instalments starting from 07.11.2014. In addition to the said payment, the petitioner shall also pay the regular instalments as per the terms of the agreement.
If the payments are made as above, further recovery proceedings shall be kept in abeyance. If there is default in payment of any instalment, it shall be open for the respondent to proceed further.
Sd/-
A.M. SHAFFIQUE JUDGE das