- (1.) Petitioner availed facility of cash credit limit to the tune of Rs.11,50,000/- from the respondent-bank in the year 2014. Admittedly, there was a default in repayment of the installments, which resulted in proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short the 'SARFAESI Act, 2002') by the bank for recovery its outstanding dues. After issuance of the notice as contemplated by Section 13(2) of the said Act, the impugned notice 23.01.2018 for sale of the mortgaged property has been issued fixing 26.02.2018. for auction.
(2.) Learned counsel for the petitioner contends that he does not intend to contest the proceedings on merit rather the petitioner is ready and willing to liquidate the entire outstanding dues but looking to the stringent financial situation, he may be permitted to do so in installments. Sri Alok Kumar Shukla, learned counsel, who has accepted notice on behalf of respondent-bank, has no serious objection to the prayer being granted.
(3.) Considering the facts, we dispose of the writ petition by providing that the petitioner shall deposit the amount of Rs.2 Lakhs with respondent-bank on or before the auction proceedings and in case, the said amount is deposited, further recovery proceedings against the petitioner shall be kept in abeyance with liberty to the petitioner to deposit the remaining outstanding balance in four equal installments. The first installment be paid by 26th February, 2018, second instalment by 30th June, 2018, third instalment by 31st October, 2018 and the last instalment by 28th February, 2019. After deposit of the third installment, the bank shall issue a statement of interest, which might have accrued on the loan account during this period, which shall be paid along with the last installments.;