- (1.) Petitioner has availed the facility of loan in the form of C.C. Limit from the respondent-bank. Admittedly, there was a default in repayment of the amount. Thereafter respondent-bank initiated proceedings under SARFAESI Act for recovery of its outstanding dues. After issuance of notices under Section 13(2) of the SARFAESI Act, petitioner has approached this Court challenging the possession notice issued under Rule 8(1) of the Security Interest (Enforcement) Rules, 2002.
(2.) Earned counsel for the petitioner states that he is not desirous to contest the case on merits but he is ready and willing to deposit the outstanding dues. However, he further states that on account of some unavoidable financial circumstances he may be permitted to make the payment either in instalment or some time may be allowed to liquidate the entire outstanding dues.
(3.) Shri Atal Behari Tripathi, holding brief of Sri A.C. Tiwari, who has accepted notice on behalf of the bank, on the basis of instruction, states that the petitioner may deposit some part of outstanding dues within some reasonable time in order to establish his bonafide that he is ready and willing to clear off the entire dues of the bank.;