ANEESH Vs. AUTHORISED OFFICER AND CHIEF MANAGER

JUDGEMENT

(1.) THE petitioner availed a loan of Rs.2.6 lakhs from the respondent Bank creating security interest over the property in question. The case of the petitioner is that because of some unforeseen circumstances, there occurred some default in effecting monthly repayment, which made the respondent Bank to proceed with steps under the SARFAESI Act, including by filing a petition under Section 14. Pursuant to filing of CMP, an Advocate Commissioner was appointed to take vacant surrender of the premises, as borne by Ext.P1, which in turn is sought to be intercepted in this writ petition.

(2.) THE learned Standing Counsel for the respondent Bank, on instruction, submits that the liability under the loan transaction would come around Rs.4.9 lakhs.

(3.) CONSIDERING the facts and circumstances, the petitioner is directed to deposit a sum of Rs.One lakh on or before 30.08.2012 and the balance amount in '5' equal monthly installments, the first of which shall be effected on or before 30.09.2012, to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to the above, further proceedings pursuant to Ext.P1 shall be kept in abeyance. It is made clear that if any default is committed by the petitioner in effecting the installments as above, the respondent Bank will be at liberty to proceed with further steps for realisation of the amount in a lump, from the stage where it stands now. The writ petition is disposed of.