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Judgment
This petition seeks quashing of coercive measures under the SARFAESI Act.
In pursuance of the interim order earlier granted the petitioner has paid a sum of Rs. 1,60,000/-. He also submits that the petitioner has been paying E.M.I. regularly and is also willing to pay any other amount which may be outstanding towards the E.M.I.. On this being done, the petitioner''s account may be regularized.
Accordingly, we dispose of this petition with a direction that the Bank may furnish the details of account to the petitioner within one month from today and the petitioner may thereafter pay the outstanding E.M.I. amount within one month. The Bank may take decision on the claim of the petitioner for regularization in accordance with law. The Bank may reschedule the loan account of the petitioner accordingly.
It is made clear that since the Bank is not shown to have taken recourse to Section 13(2) notice, taking of coercive measures by the Bank including assignment of loan to any other agency, prejudicing the right of the petitioner may be forthwith reserved and a fresh decision may be taken in the matter duly considering the stand of the petitioner.