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Judgment
Pankaj Purohit, J
Petitioner has approached this Court challenging the proceedings initiated under Section 13(2) & (4) of the SARFESAI Act, 2002 (for short “the Act, 2002”).
The facts of the case are that petitioner took a Cash Credit Limit (CCL) from the respondent-Bank in the year 2021, but due to various reasons, he could not repay the amount due against him and finally, the account of the petitioner was declared non-performing asset and the proceedings have been initiated against it for recovery of the said amount.
At the outset, it was contended by learned counsel for the petitioner that he wants to deposit the entire outstanding amount of Rs.51,75,141.09/- to the Bank. But, the difficulty is petitioner is not having that much amount at one go. He made a request to this Court to permit him to pay the amount outstanding against it by way of easy installments.
On the submission made by learned counsel for the petitioner, the instructions were called from the learned counsel for the respondent-Bank. On the last date i.e. 08.10.2024, on instructions, learned counsel for the respondents-Bank accepted the proposal made by the learned counsel for the petitioner, subject to the condition that if Rs.20,00,000/- is paid by the petitioner within a period of one month, the rest of the amount can further be given within a period of two months and the Bank is ready to kept the proceedings in abeyance under the Act, 2002.
Learned counsel for the petitioner further took time to seek instructions from his client as to whether the proposal offered by the learned counsel for the respondent-Bank was agreeable to the petitioner or not.
Today, learned counsel for the petitioner submits that his client is ready to make the payment of the amount of Rs.51,75,141.09/- to the Bank in easy installments.
Accordingly, the present petition is disposed of. Petitioner is directed to repay the amount of Rs.51,75,141.09/- in the following manner: -
A. Petitioner shall pay Rs.20,00,000/- after one month from today i.e. on 18.11.2024.
B. Rest of the amount of Rs.31,75,142/- shall be paid by him in the subsequent three months at the rate of Rs.10,00,000/- per month.
C. However, the last installment would carry the entire balance amount inclusive of interest.
In case the petitioner fails to comply with the aforesaid order or to pay any installment, the respondent-Bank is free to proceed further in accordance with law.
Pending application, if any, stands disposed of accordingly.