- (1.) Heard learned counsel for the petitioner and Sri R.N. Kesri, counsel for respondent Bank.
(2.) This petition has been filed challenging the impugned notice dated 03.07.2017 issued by respondent no. 1 under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcment of Security Interest Act, 2002 (hereinafter referred to as "SARFAESI Act") for recovery of outstanding dues. Admittedly petitioner took a facility of housing loan amounting Rs. 2,40,000/- by mortgaging the landed property for construction of a house and there has been default in payment of installments. Bank has recalled the loan and initiated proceedings for recovery of his outstanding dues.
(3.) It has been stated in paragraph no.1 that this is the first writ petition against the impugned notice. Learned counsel for the petitioner states that the petitioner is ready and willing to pay the dues in instalments. Learned counsel appearing for the respondent Bank has no objection.;