IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.7573 of 2008 AMARENDRA KUMAR SINGH Versus THE CENTRAL BANK OF INDIA & OR ----------- 2 14.5.2008 Heard. Petitioner in this writ application challenges the action of the respondents under Section 13(4) of the SARFAESI Act 2002 whereby and whereunder the possession of the assets of the petitioner is sought to be taken by the respondent Bank. Yesterday, when the matter was heard, Counsel for the petitioner had taken time to seek instruction and today he has come out with a clear voluntary offer that he would clear of the entire amount of dues with interest by 30th of March, 2009 in four installments each of rupees four lacs by paying the same on 25.6.2008, 30.9.2008, 30.12.2008 and 30.3.2009. It is accordingly directed that the first installment of 25% of the balance outstanding of the amount of the bank to the tune of Rs. four lacs will be paid by the petitioner positively on or before 25th of June, 2008. On evidence of such payment of four lacs being made by the petitioner, the further proceeding of the sale which is fixed for 27th June 2008 shall remain stayed initially for a period of three months when the second installment would be paid on or 2 before 30.9.2008. Such second installment of Rs. four lacs again must be paid by 30th September, 2008 and thus if on October, 2008 the petitioner produces evidence of proof of payment of 2nd installment the sale officer will again adjourn the proceeding for 2nd of January, 2009 as the third installment of the petitioner would become payable and must be paid by the petitioner by 30.12.2008. On production of such evidence of payment of rupees four lacs by the petitioner, the Sale Officer will again adjourn the proceeding up to 30th March, 2009 on which day the petitioner will produce the proof of payment of fourth and final installment of rupees four lacs plus the admissible amount of interest. It is only when the entire amount as payable by the petitioner to the bank is realized then the sale proceeding shall stand discharged. It is also made clear that in the event of default of any of the four installments by 25.6.2008, 30.9.2008, 30.12.2008 and 30.3.2009, the Sale Officer would be at liberty to proceed against the petitioner by taking recourse to the finalization of sale proceedings. With the aforementioned observations/directions, this writ application is disposed of. Rsh (Mihir Kumar Jha, J.)