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Judgment
Heard Mr. Nissar Ahmad, leanred counsel for the petitioner.
Petitioner has prayed for quashing of the possession notice dated 22.08.2022 issued under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, whereunder an amount of Rs.1,07,36,593.27/- is said to be outstanding against the petitioner and he has been required to depsoit it failing which possession of their secured assets would be taken over.
The petitioner against the aforesaid notice of possession issued under Section 13(4) of the Act has a remedy by way of drawing proceedings under Section 17 of the Act.
Learned counsel for the petitioner at this stage submits that the petitioner is ready and willing to make the entire payment within a period of six months provided the taking over of the possession is delayed by the said period and as such the matter can be disposed of instead of relegating him to DRT.
Mr. A. Hanan, learned counsel appearing for the respondent Bank submits that the Bank is interested in getting the money back rather than entering into a prlonged litigation.
In the aforesaid facts and circumstances of the case, we dispose of the writ petition with the direction to the petitioner to deposit at least a sum of Rs.33 lakhs within a period of two weeks from today and the balance amount be deposited in three instalments of 25 lakhs each to be paid on interval of six weeks each. The last installment may vary a little and would include the amount of interest, if any, that may accrue over the outstanding amount. Any amount already deposited by the petitioners shall also be adjusted in the last installment. On deposit of the first instalment of Rs.33 lakhs, the taking over of the possession shall remain in abeyance to enable the petitioner to deposit the balance amount as directed above.
The writ petition is, accordingly, disposed of in the aforesaid terms.