Ajay Rastogi, J. - (1.) COUNSEL on instructions submits that after the notice for taking possession of the secured assets published by the Respondent Under Section 13(4) of the Act, 2002 dt.18.12.2010 being served upon the Petitioner, he from his own resources is ready to pay at least 50% of the outstanding dues within ten days and the balance amount he undertakes to pay within two months thereafter.
(2.) COUNSEL further submits that he is only the guarantor and no efforts were made by the Respondent -bank to recover the dues from principal borrower and an affidavit has been placed on record to show that the principal borrower holds certain properties by which the outstanding dues could be recovered from him. Issue notice of writ & stay petition along with a copy of this order to the Respondents as to why the petition may not be finally disposed of at the stage of admission, returnable by four weeks. Notices may be given 'dasti', if desired. PF & notices be filed within seven days failing which stay order shall automatically stand vacated without reference to this Court.
(3.) IN the meanwhile, further proceedings pursuant to notice Under Section 13(4) of the Act dt.18.12.2010 (Annx.7) served upon the Petitioner shall remain stayed provided the Petitioner deposits a sum of Rs. 1,50,000/ - in the office of Respondent bank within a period of ten days from today failing which the Respondent -financial institution will be at liberty to proceed further in accordance with law.;