- (1.) Petitioners have approached this Court challenging the auction sale notice dated 20.01.2018 issued by respondent Bank for sale of mortgage property as security to the loan advanced to the petitioners.
(2.) Admittedly the petitioner availed the loan facility from the respondent Bank and there was default in payment of the instalment as a result Bank has initiated proceedings under SARFAESI Act, 2002 for recovery of its outstanding dues and in pursuance whereof the impugned notice for auction sale has been published.
(3.) Learned counsel for the petitioners at the outset states that petitioners instead of contesting the matter on merits is ready and willing to pay the entire outstanding dues but looking into stringent financial condition he may be permitted to deposit the same in easy instalments. Sri Vinod Kumar Pandey, learned counsel appearing for the respondent-bank has no objection to the same. He further submits that to establish the bonafide the first instalment be deposited by the petitioner within one month from today.;