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Judgment
The petitioner has approached this Court impugning Ext.P1 notice issued by the respondent - Financial Institution, under the provisions of Section
13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act' for brevity).
I notice from the records that when this matter was considered by this Court on 03.12.2020, an interim order had been issued, directing the
petitioner to remit an amount of Rs.10 lakhs on or before 04.01.2021 “to prove her bona fides in the matterâ€.
However, when this case was called today, Sri.Sunil Kumar, learned Standing Counsel for the respondent - Financial Institution, submitted that the
petitioner has not remitted the afore amount but added fairly that if she can remit at least Rs.7 lakhs by the end of this month, she can be allowed to
pay off the overdues, which is, as on 02.12.2020, Rs.27,34,281/- in not more than 10 equal monthly installments, so as to have the account regularised.
When I hear Sri.Sunil Kumar as afore, it is obvious that since the petitioner has not complied with the interim order of this Court, she cannot be
normally granted any further latitude.
However, since the respondent - Financial Institution has been more than fair to her in allowing a further indulgence, I deem it appropriate to order
this writ petition, granting her the benefits as now acceded to by them.
In the afore circumstances, I order this writ petition and direct the petitioner to pay an amount of Rs.7 lakhs on or before 31.01.2021; in which
event, the balance overdues, which is stated to be Rs.27,34,281/- as on 02.12.2020, along with all applicable charges and interest, will be allowed to be
paid by her in 10 equal monthly installments, commencing from 02.03.2021.
It is needless to say that as long as the petitioner continues to make payment in terms of the afore directions, all further action pursuant to Ext.P1 shall
stand deferred; but in the event, she defaults even one of the installments as afore, the Financial Institution will be at liberty to pursue with their steps
under the SARFAESI Act without having to secure any further orders from this Court.
This writ petition is thus ordered.