- (1.) Heard learned counsel for the petitioner, learned Standing Counsel appearing for State respondents and Shri Abhai Dwivedi holding brief of Shri Satish Chaturvedi for the respondent-Bank.
(2.) Petitioner has availed cash credit facility to the tune of Rs.24,09,741.15/- from the respondent-Bank. Though certain amounts were deposited from time to time, but admittedly there was a default resulting in proceedings under the SARFAESI Act. Notice under Section 13 (2) of the Act was issued to the petitioner, which is under challenge in this petition.
(3.) It is contended on behalf of the petitioner that he is ready and willing to pay the entire outstanding balance, provided he is allowed to deposit the same in instalments.;