- (1.) Heard learned counsel for the petitioner and Sri P.C.Srivastava holding brief of Sri Tarun Varma appearing for the respondent bank.
(2.) Petitioner has approached this Court challenging the recovery proceedings initiated by the respondent bank under the SARFAESI Act, 2002 and notice issued under Section 13(8) of the said Act.
(3.) At the outset, learned counsel for the petitioner pointed out that there has been a compromise between the petitioner and the respondent bank on 22.12.2016 whereunder the offer made by the petitioner to deposit Rs.21,04,000/- towards settlement of total outstanding dues was accepted by the bank. Under the terms of the compromise, a sum of Rs.5,00,000/- was to be paid as down payment and Rs.16,04,000/- within a period of 90 days. Learned counsel for the petitioner further submitted that due to financial constraint and also because of the fact that another loan with the same bank was settled by the petitioner, he could not honour the terms of the compromise and now he is ready and willing to pay the entire dues if he is allowed to do so in instalments.;