RIYAS BABU Vs. AURTHORISED OFFICER

JUDGEMENT

(1.) THE petitioner availed a loan of Rupees Eight lakhs from the respondent Bank, creating security interest over 60 cents of property. But the repayments could not be effected on time, which made the respondent Bank to proceed with steps under the SARFAESI Act. Met with the situation, the petitioner approached the DRT, challenging the course and events, wherein interim stay was granted as borne by Ext. P1 order dated 18.08.2010. It is stated that, the petitioner satisfied the first installment as specified in the said order, but because of some unforeseen circumstances, the same could not be given full effect to. In the said circumstances, the Bank proceeded with further steps to sell out the property and the sale is scheduled to be held on 27.07.2010, which is sought to be intercepted in this writ petition.

(2.) THE learned counsel for the petitioner submits that the petitioner has approached this Court for granting some breathing time to remit the entire dues, simultaneously asserting that the petitioner does not intend to pursue the matter pending before the DRT and that the challenge against the steps taken by the Bank are given a 'go bye'. It is also stated that the entire outstanding liability will be cleared within a short while. The submission made by the learned counsel for the petitioner as above is recorded.

(3.) IN the said circumstances, the petitioner is directed to clear the entire outstanding liability by way of 'eight' equal monthly installments; the first of which shall be effected on or before the 10th of August, 2012; to be followed by similar installments to be effected on or before the 10th of the succeeding months. Subject to this, finalization of tender shall be kept in abeyance for the time being. It is made clear that, if the petitioner commits any default in remitting the installments as above, the respondent Bank will be at liberty to proceed with further steps to open the tender, with notice to all concerned and pursue the matter accordingly, from the stage where it stands now.