IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No 5728 of 2008 MONIKA KEJRIWAL @ MONIKA DEVI KEJRIWAL Versus THE STATE BANK OF INDIA & ORS ----------- 3 22.07.2008 The petitioner had taken loan of Rs 5 lacs from the respondent-State Bank of India. Having taken loan, soon defaulted and again has been classified as NPA. Bank filed a mortgage suit for recovery of the money as the petitioner had mortgaged the shop premises to the Bank as security for the loan taken. Finding the proceedings before the Civil Court to be too slow, the respondent-Bank noticed the petitioner in terms of Section 13 (2) of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act, 2002). Petitioner responded by making an offer to pay the principal amount only which was rejected by the respondent-Bank and possession has been taken of the secured premises by the respondent-Bank. The counsel for the respondent-Bank states that on 31.01.2007, principal plus the interest outstanding is about Rs 7,74,000/-. The petitioner undertakes to liquidate the same provided she is given some accommodation as the business has collapsed and they are fighting for survival. The learned counsel for the Bank has taken a very fair stand and stated that the Bank is not interested either in auctioning the property mortgaged or retaining its possession. It is only interested in recovery of its money. Considering the willingness on the part of the petitioner to pay the amount and willingness on part of the respondent-Bank to accept the amount as a pre-condition to release the 2 premises, after hearing the parties and in interest of equity, the following orders are being passed. The petitioner would deposit Rs 1.75 lacs within thirty days from today with the respondent-Bank and thereafter would deposit entire amount with accrued interest from 01.02.2007 to date within a period of six months of minimum Rs 1 lac per month installments. All payments have to be punctually made and failure to make payment of any one installment within the time stipulated would amount to automatic revocation of this indulgence granted by this Court and the respondent-Bank would be free to proceed to recover the amount in accordance with law. This disposes of the writ application. M.E.H./ (Navaniti Prasad Singh)