IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No 18486 of 2008 Shahzada Rafi Ahmad, son of Md Yunus, resident of 503, Maqbool Apartment, Exhibition Road, PO : Bankipur, PS : Gandhi Maidan, Town & Dist : Patna - Petitioner Versus 1 The Punjab National Bank, Bhikaji Cama Place, New Delhi through its Chiarman 2 The Deputy Zonal Manager, Punjab National Bank, Zonal Office, Birchand Patel Marg, R Block, Patna 3 The Chief Manager, Punjab National Bank, Exhibition Road Branch, Patna 4 The Authorised Officer, Punjab National Bank, Exhibition Road, Patna - Respondents ----------- 2 05.01.2009 The petitioner had taken an overdraft facility from the respondent-Punjab National Bank. There was a default. Petitioner offered to compromise the outstanding dues by its letter dated 27.06.2008 which was accepted by the Bank. Petitioner, under that compromise, was required to pay Rs 4 lacs by 08.07.2008, Rs 2 lacs by 30.08.2008 and the rest of the amount of Rs 4.50 lacs by 28.09.2008. Petitioner punctually paid the first two instalments but defaulted in the last instalment of Rs 4.50 lacs. Thus, the compromise stood vitiated and respondents have taken action in terms of Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act), The petitioner has challenged this action on various grounds. Bank has filed a counter affidavit at this stage itself and the learned counsel for the Bank has taken a very fair stand. He submits that if the last instalment of Rs 4.50 lacs is paid by the petitioner alongwith interest at PLR from 27.06.2008 to date of liquidation then the entire accounts would stand settled. Petitioner cannot have nor does have any objection to the same. 2 Considering the equities, I direct that the petitioner would make arrangement for payment of Rs 4.50 lacs alongwith interest on PLR of this amount from 27.06.2008 by 28th of February 2009. Endeavour must be made to pay at least Rs 2.50 lacs by 31st January, 2009 and the balance by 28th February, 2009. On punctual payment as aforesaid, the account shall stand finally settled failing which the respondent-Bank would be free to proceed with action under SARFAESI Act in accordance with law. Till 28th of February 2009, Bank would not disturb the petitioner in any manner. This disposes of the writ application. Let a copy of this order be given to the learned counsel for the Bank. M.E.H./ (Navaniti Prasad Singh)