IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.13357 of 2010 1. ACHYUTA NAND PRASAD S/O SHRI KAMLESHWARI PRASAD R/O ROAD NO.- 24, RAJEEV NAGAR, P.S.- RAJEEV NAGAR, DISTRICT AND TOWN- PATNA----------------------------------------------------------------PETITIONER Versus 1. THE CHAIRMAN UCO BANK, PATNA 2. THE CHIEF GENERAL MANAGER UCO BANK, PATNA 3. THE BRANCH MANAGER UCO BANK, PATLIPUTRA INDUSTRIAL AREA, PATNA BRANCH, PATNA 4. ABHINASH KUMAR S/O ACHUTYA NAND PRASAD R/O ROAD NO.- 24, RAJEEV NAGAR, P.S.- RAJEEV NAGAR, DISTRICT AND TOWN- PATNA -----RESPONDENTS ----------- For the petitioner :M/S Rashid Izhar,Rashid Rais & Om Prakash, Advocates For the Bank :Mr.Ranjeet Kumar Pandey, Advocate ------ 2. 27.8.2010 The petitioner has come to this Court for quashing the order dated 29.6.2010 passed by respondent No.3, the Branch Manager, UCO Bank, Patliputra Industrial Area, Patna Branch, Patna by which a possession notice of the property of the petitioner, being guarantor of the loan taken by his son, has been issued under the SARFAESI Act and Rules. In the counter affidavit filed on behalf of the Bank it is stated that the balance due and payable by the petitioner with interest up to 23.8.2010 comes to Rs.28,86,225.38. Today, an affidavit has been filed on behalf of the petitioner stating that he is a retired Additional District Magistrate and his only dwelling house is mortgaged with 2 the Bank of which the possession notice has been given recently in July, 2010. It is stated by learned counsel for the petitioner that the petitioner has landed property at his paternal native village with respect to which he has entered into negotiations with prospective buyers and it is expected that the transfer shall be made within 4-6 months upon which the entire dues of the Bank will be cleared. In the meantime, to show his bona fides the petitioner is prepared to deposit an amount of Rs.2 lacs each by the end of September and October, 2010 and the remaining amount as soon as possible thereafter but in any case before the end of February, 2011 in one instalment. On a consideration of the entire facts and circumstances, this Court directs that the petitioner shall deposit an amount of Rs.2 lacs by the end of September, 2010 and another instalment of Rs.2 lacs by the end of October, 2010 and thereafter the balance amount shall be deposited in one or more instalments on or before February, 2011 along with the further accrued interest. The proceedings under the SARFAESI Act shall remain in abeyance provided the petitioner complies with the aforesaid directions, but on failure of the petitioner to 3 deposit any of the aforesaid instalments within the time granted, the said proceedings shall revive. The writ application is, accordingly, disposed of in terms of the aforesaid directions. (Ramesh Kumar Datta,J.) Spal/