AMBIKA G THENGAPOOTTUVILA KATHU VEEDU KAIMAMAM PAPPANAMCODE Vs. AUTHORISED OFFICER/CHIEF MANAGERSYNDICATE BANK REGIONAL OFFICE SASTHAKRIPA OFFICE

JUDGEMENT

(1.) PETITIONER is facing SARFAESI proceedings initiated by the respondent Bank. On account of the default committed in repaying the amount due towards the loan availed of, it appears that in the said proceedings, Bank has issued Ext.P3 notice proposing to take over possession of the mortgaged assets. It is at that stage the writ petition has been filed with a prayer to allow the petitioner to pay the amount due in 4 equal monthly installments.

(2.) I heard the Counsel appearing for the respondent also. Taking note of the request made I direct that the petitioner will be permitted to pay the amount due in 4 equal monthly installments. The first installment shall be paid on or before 28.3.2012 and the subsequent installments shall be paid on or before 28th of every succeeding month. Subject to payment as above coercive action shall be deferred and in case default is committed, Bank will be free to continue the proceedings already initiated. Writ Petition is disposed of as above.