C BABU MAHESWARAN Vs. BANK OF MAHARASHTRA

JUDGEMENT

(1.) THE petitioner is stated as constrained to approach this Court, in view of the coercive steps taken by the respondent Bank invoking the provisions under the SARFAESI Act, for realization of the amount stated as due under a loan transaction.

(2.) WHEN the matter came up for consideration on 09.02.2011, further steps were intercepted on condition that the petitioner satisfied a sum of Rs. Two lakhs within three weeks, which is stated as complied with.

(3.) AFTER hearing both the sides and taking note of the limited nature of relief sought for, this Court finds it fit and proper to permit the petitioner to clear the entire liability by way of reasonable installments. Accordingly, 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 before the 30th of July, 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.