MOHAMMED FAISAL Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) THE appellant/petitioner filed the writ petition challenging the proceedings initiated by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.(SARFAESI Act). It appears that the Chief Judicial Magistrate, Thrissur by Ext.P1 order permitted the Bank to take possession of the property.

(2.) THE learned Single Judge by the impugned judgment permitted the petitioner to regularise the account by paying the defaulted amounts in two instalments i.e., on 15.03.2012 and 15.04.2012. It is submitted by the learned counsel for the appellant that the appellant requires further time to regularise the account by paying the defaulted amounts and after the impugned judgment he had already paid Rs.2,29,500/- as per Annexures A & B.

(3.) THE appellant/petitioner shall pay 50% of the amount indicated by the Bank on or before 30.06.2012 and the balance 50% on or before 31.07.2012. THE Bank shall intimate the petitioner the balance amount within one week from the date of receipt of a copy of this judgment. On receipt of the above amounts the Bank shall regularise the account of the appellant. In the event of appellant not paying the amount as above, he is not entitled to get the benefit of this judgment.