MUHAMMED RAFI Vs. SYNDICATE BANK REPRESENTED BY ITS BRANCH MANAGER ADOOR BRANCH PATHANAMTHITTA DISTRICT

JUDGEMENT

(1.) THE petitioner has filed this Writ Petition challenging Exhibit P1 notice, by which proceedings have been initiated under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002. THE only prayer made before me today is that the petitioner may be granted the facility to pay off the entire amount outstanding in monthly instalments. THE learned counsel for the first respondent Bank submits that the instalments could be granted. THE petitioner seeks ten instalments.

(2.) CONSIDERING the facts and circumstances of the case, I am satisfied that the petitioner can be permitted to pay off the entire amount outstanding in seven equal monthly instalments, the first instalment to commence on 15.5.2012. This Writ Petition is accordingly disposed of directing the petitioner to pay the entire amount outstanding to the first respondent Bank in seven equal monthly instalments, the first instalment to commence on 15.5.2012 and the subsequent instalments to be paid on the 15th of every succeeding month thereafter. In the event of the petitioner committing default in payment of any instalment, the Bank shall be free to proceed with further action in the matter, from the stage of Exhibit P1. Pending payment of the instalments as stipulated above, further proceedings based on Exhibit P1 shall remain stayed.