IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.9696 of 2010 1. Jai Krishna Upadhyaya, S/o Shri Haridwar Upadhyaya 2. Haridwar Upadhyaya, son of Late Bindeshwari Upadhyaya, both Residents at Road No.3, R.M.S. Colony, Kankarbagh, P.S. Kankarbagh, District-Patna Versus 1. The State of Bihar, through Chief Secretary, Government of Bihar, Patna 2. General Manager, Canara Bank, Boring Road Branch through its Manager located in S.K.Puri, P.S. S.K.Puri, District- Patna 3. Branch Manager, Canara Bank, Boring Road, Patna ----------- For the petitioners: M/S Shiva Nandan Roy, Sr. Advocate, Birendra Narayan Sharma and Sanjay Kumar Sharma, Advocates For the State: Mr. Priyank Samdarshi, AC to SC 20 For the Bank: Smt. Sheela Sharma and Mr. Shivendra Kumar Roy, Advocates. ----------- 2. 28.6.2010 The petitioners have come to this Court for quashing the sale notice issued on 22.5.2010 by the Canara Bank under Rules 8(6) and 9 of the Security Interest (Enforcement) Rules, 2002 for the sale of property of the petitioners located in Patna as described in the sale notice. The Bank has proceeded against the petitioners under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 on failure of the petitioners to pay the amounts due in their Cash Credit A/c with the 2 Boring Road Branch of the Bank. Earlier also the petitioners had approached the Debts Recovery Tribunal, Patna which had disposed of the matter on 13.11.2009 on the submission of the petitioners that they would pay the entire amount by end of March, 2010. The petitioners although paid certain amounts but did not pay the entire amount by that date as a result of which the Bank has issued the sale notice. Learned counsel for the petitioners refers to the statement of Account (Annexure-7) issued by the Bank from which it appears that the amount due against the petitioners on 2.12.2008, when the interest was frozen, was Rs. 22,15,069.29 but thereafter the petitioners have paid substantial amount specially during the month of June, 2010 so that the outstanding liability as on 19.6.2010 is Rs. 5,64,788.29. Learned counsel for the Bank points out that since the interest was frozen on 2.12.2008, a substantial amount of interest would also become payable on the outstanding amounts due which would come to nearly Rs. 3.5 lacs, according to him. Learned counsel for the petitioners submits that 3 the substantial amounts that have been paid by the petitioner shows their bona fides to repay the entire amount and only on account of uncalled for difficulties the same could not be done earlier but the petitioners have agreed to repay the entire amount of Rs 5,64,788.29 with outstanding interest by September 30, 2010. Learned counsel for the petitioners in this regard relies upon a decision of a learned single Judge of this Court in Kanti Devi Vs. Bank of Baroda & others: 2008 (3) PLJR 170 in which in similar circumstances this Court had directed the re-payment of the balance amount remaining within the time frame fixed. Learned counsel for the petitioners points out that the last date and time of receipt of tender is 28.6.2010 and the date and time of opening the tender is 29.6.2010, i.e., tomorrow. In view of the aforesaid stand taken on behalf of the petitioners this Court directs the petitioners to deposit an amount of Rs. 2 lacs within two weeks from today, i.e., on or before 12.7.2010 and they shall also deposit the remaining amount along with previous interest as also the interest accrued in the meantime in three nearly 4 equal instalments on 31.7.2010, 31.8.2010 and 30.9.2010. The petitioners are directed to approach the Branch Manager of the Boring Road Branch of the Bank within a period of one week from today who shall calculate and inform the petitioner about the interest accrued till 30th June, 2010 by issuing a proper statement of Account or letter in that regard. The petitioners shall also approach the Bank regarding the further interest accrued in the meantime after 30.6.2010 a week before the last instalment so that the final instalment shall include the interest accrued till the said date. In the meantime no further steps shall be taken pursuant to the sale notice dated 22.5.2010 but if the petitioners default in making payment of any of the instalments then the Bank shall be at liberty to proceed with the matter in terms of Section 13(4) of the SARFAESI Act. The writ application is accordingly disposed of with the aforesaid directions. S. Pandey ( Ramesh Kumar Datta, J.)