Ranjit Singh Sarkaria, J. - (1.) THE Petitioner was sanctioned two housing loans amounting to Rs. 9,08,000/ -and Over Draft Facility amounting to Rs. 2.25 lakhs by the bank in the year 2003. The Petitioner was required to pay installment of Rs. 13,010/ -per month and the term of this loan was to expire on 2013. In the year 2010, notice under Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security and Interest Act, 2002 (hereinafter referred to as an 'Act') was issued to the Petitioner. On receipt of notice, the Petitioner deposited sum of Rs. 1 lakh. Still the Respondent -Bank issued a notice to the Petitioner. The Petitioner made a present approach.
(2.) THE Court issued notice of motion to explore the possibility of amicable settlement. The Court had then directed the Petitioner to deposit sum of Rs. 4 lakhs before the adjourned date and the bank was issued direction not to take further action under the Act. The reply was filed and the amount of Rs. 4 lakhs has been deposited. On 25.10.2010, the Petitioner was required to deposit instalment at the rate of Rs. 17,000/ -per month with the Respondent -Bank on or before 10th of each calendar month from November 2010 onwards. This was to test the bona fides of the Petitioner. As per the Petitioner, he has continued to deposit the instalments. On 21.02.2011, counsel for the Petitioner expressed difficulty on his part to deposit the instalment at the rate of Rs. 17,000/ -per month. He, however, prayed for reconsidering the issue and allowing him to deposit Rs. 12,000/ -per month. Counsel for the Bank was required to have instructions in this regard. Mr. Malik, today, submits that the Bank would have no objection to the proposal and the Petitioner can deposit the remaining amount payable by way of instalment at the rate of Rs. 12,000/ -per month. Let the Petitioner continue to deposit the instalment for the period of another six months. If the Petitioner does not commit any default, the Bank would take action to regularize the account of the Petitioner.
(3.) THE writ petition is, accordingly, disposed of.;