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High CourtsDivision Bench(2023) 01 MAD CK 0067

B.Sivagami vs Authorized Officer And Others

Madras High Court · Decided on 23 January 2023

HON’BLE JUDGES
D. Krishnakumar, J · R.Vijayakumar, J
RESULT
Disposed Of
CASE NUMBER
Writ Petition (MD) No. 1105 Of 2023, Writ Miscellaneous Petition (MD) No. 1015 Of 2023

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Judgment

11 paragraphs · 332 words

D. Krishnakumar, J

1.

Mr.B.Rajesh Saravanan, learned standing counsel takes notice for the respondents. By consent of both the parties, the Writ Petition is taken up for final disposal at the time of admission itself.

2.The prayer in the writ petition is for issuance of a Writ of Certiorari, to quash the impugned auction sale notice dated 16.12.2022 issued by the first respondent under the SARFAESI Act r/w proviso to Rule 8(1) of the Security Interest (Enforcement) Rules, 2002.

3.Today, when the matter is taken up for hearing, the learned counsel appearing for the petitioner submitted that the petitioner undertakes to pay a sum of Rs.3,00,000/- on or before 24.01.2023 at 10.30 a.m., and a sum of Rs.7,00,000/- on or before 28.02.2023. With regard to the payment of the balance outstanding amount, the learned counsel for the petitioner seeks liberty to approach the respondent Bank to submit a proposal under One Time Settlement scheme.

4.The learned counsel appearing for the respondent Bank also agreed for the abovesaid submission made by the learned counsel appearing for the petitioner.

5.Considering the submissions made on either side, we are inclined to pass the following order:-

(i) The petitioner is directed to pay a sum of Rs.3,00,000/-(Rupees Three Lakhs Only) to the respondent Bank on or before 24.01.2023 at 10.30 a.m.

(ii) Thereafter, the petitioner is directed to pay a sum of Rs.7,00,000/- (Rupees Seven Lakhs Only) to the respondent Bank on or before 28.02.2023.

(iii) Till such time, no coercive steps shall be taken by the respondent. If the petitioner fails to comply with any one of the conditions of clauses (i) and (ii), the respondent Bank may proceed further in accordance with law.

(iv) In the meantime, the petitioner is at liberty to submit an OTS proposal to the respondent Bank and the same may be considered by the respondent Bank as per the RBI norms.

6.With the above directions, this Writ Petition is disposed of. No costs. Consequently, connected Miscellaneous Petition is closed.