KRISHNAN N K Vs. MANAGER

JUDGEMENT

(1.) Challenge in this Writ Petition is against proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The secured creditor, the respondents herein, had already invoked Section 14 (1) and by virtue of an order of the Chief Judicial Magistrate Court the property has already been taken over possession. Now the petitioner apprehends that steps for sale of the property will be pursued within no time. Since the petitioner had failed to resort to any of the remedies provided under the Act, this Writ Petition at the fag end of the proceedings could not be entertained on merits.

(2.) However, learned counsel for the petitioner submitted that the petitioner is relinquishing all challenges against the proceedings and that he is not proposing to approach any statutory authority. On the other hand, appeal is made to this Court for an indulgence in permitting payment of the entire outstanding within a reasonable time, in instalments, and till such time to direct the respondents to keep in abeyance further steps for sale.

(3.) Eventhough interference on merits is not at all warranted, since the petitioner conceded that he is relinquishing all challenges, I am of the view that on the basis of equity the petitioner can be permitted to pay off the liability.