JAYAPRAKASH V. Vs. AXIS BANK LIMITED

JUDGEMENT

(1.) The petitioner is aggrieved by the proceedings for dispossession initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act ( 'SARFAESI Act' for short) by the respondent Bank by way of Ext.P1 notice issued on 25.03.2021. The learned counsel for the petitioner submits that the loan availed by the petitioner can be paid off in case instalment facility is given.

(2.) Sri Saju N.A, learned Standing Counsel for the respondent Bank, submits that the total amount due from the petitioner as on 04.05.2021 is Rs.14,71,330/- (Rupees Fourteen Lakhs Seventy One Thousand Three Hundred and Thirty only). In case the petitioner remits a substantial amount immediately, instalment facility can be given.

(3.) Therefore the Writ Petition is disposed of permitting the petitioner to pay a sum of Rs.4,00,000/- (Rupees Four Lakhs only) on or before 31.05.2021 and the remaining amount in five subsequent equal monthly instalments. In that event, the proceedings initiated under the SARFAESI Act shall be kept in abeyance. In case petitioner commits default in any of the payment, the respondent would be free to proceed in tune with Ext.P1.