IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.18634 of 2010 1.M/S SACHIN RAJ AGENCY THROUGH AJAY KUMAR S/O RAMJEE PRASAD, PROPRIETOR, BABUNIA MORE, RAJENDRA PATH, P.S. SIWAN(T) DISTRICT SIWAN 2.AJAY KUMAR, PROPRIETOR SACHIN RAJ AGENCY, BABUNIA MORE, SON OF SRI RAMJEE PRASAD, RESIDENT OF MOHALLA MAKHDUMSARAI, P.S. SIWAN(TOWN), DISTRICT SIWAN--PETITIONERS Versus 1.THE STATE BANK OF INDIA THROUGH REGIONAL MANAGER-CUM- REGIONAL BUSINESS MANAGER, CHAPRA 2.THE CHIEF MANAGER, MAIN BRANCH, STATE BANK OF INDIA, TOWN AND DISTRICT SIWAN-------------------------------------------------RESPONDENTS ----------- For the petitioners :Mr.Bijay Prakash Singh, Advocate For the S.B.I. :Mr.Kaushlendra Kr.Sinha & Mr.Sunil Kumar Singh, Advocates ------ 2. 19.11.2010 The petitioner has invoked the writ jurisdiction of this Court against the notice dated 10.8.2010 issued under Section 13(2) of the SARFAESI Act in which the outstanding liability of the petitioner has been shown as Rs.5,83,305/- as on 17.5.2010 and further he seeks quashing of the letter dated 22.9.2010 by which the offer of the petitioner to liquidate the entire loan amount in 24 monthly instalments has been rejected. Learned counsel for the petitioner submits that he does not dispute the amount of loan taken or even the amount shown in the notice subject to verification of the same and he never had any intention of not paying the loan amount taken to the extent of Rs.10 lacs on 18.1.2001. He 2 submits that the petitioner failed to pay the loan amount because he was evicted from his business premises by the landlord and due to shifting of his shop his business suffered a serious setback. Learned counsel for the petitioner, after taking instructions, submits that the petitioner is willing to deposit an amount of Rs.1 lac every month as instalment until the entire dues of the petitioner are cleared. On a consideration of the aforesaid facts and circumstances, this Court directs that the petitioner shall repay the outstanding loan amount by depositing a monthly instalment with the Bank of Rs.1 lac, the first instalment of which shall become due and payable on or before 19th December, 2010 and thereafter on or before 19th of each succeeding month until the entire outstanding loan amount of Rs.5,83,305/- along with interest accrued thereon from 17.5.2010 is repaid. The proceedings under the SARFAESI Act shall remain stayed as long as the petitioner continues to deposit the said instalments within the date fixed by this Court. Failure by the petitioner to pay any instalment within time shall however revive the proceedings under the SARFAESI 3 Act and the Bank shall be free to proceed further in the matter from the stage at which it has been stayed. The writ application is accordingly disposed of in terms of the above directions. (Ramesh Kumar Datta,J.) Spal/