E STEPHEN Vs. ASSISTANT SECRETARY/AUTHORISED OFFICER

JUDGEMENT

(1.) THE grievance is in respect of steps taken by the respondent Bank under the SARFAESI Act, for realization of the amount stated as due from the petitioner under a loan transaction.

(2.) THE learned counsel for the respondent Bank submits, on instructions, that the steps taken by the Bank are fully in conformity with the statutory prescription and as such there is no default on the part of the respondent in any manner.

(3.) IN the above circumstances, the the petitioner is directed to clear the entire outstanding liability by way of 'ten' equal monthly installments; the first of which shall be effected on before the 30th of August, 2012; to be followed by similar installments to be effected on or before the 30th of the succeeding months. Subject to this, the recovery proceedings stated as being pursued against the petitioner 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 for realization of the entire amount in lump, from the stage where it stands now. The Writ Petition is disposed of.