IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.13919 of 2010 Karunesh Kumar, Son of Sri Chandra Bhushan Prasad Singh, Resident of Mohalla, Sahbazpur, Bhikhanpur Kothi, P.O. Bhikhanpur Kothi, P.S. Ahiyapur, District- Muzaffarpur. ………………….. Petitioner Versus 1. Punjab National Bank through Regional Manager, Punjab National Bank, Aghoriya Bazar, Muzaffarpur 2. Regional Manager, Punjab National Bank, Aghoriya Bazar, Muzaffarpur 3. Chief Manager, Authorised officer, Punjab National Bank, Secured Creditor, Punjab National Bank, Khabra Road, Muzaffarpur ……………………… Respondents ----------- For the petitioner: M/s. Shyam Kishore Sharma and Ajay Kumar Gautam, Advocates For the Bank: M/s. G.K.Agrawal and K. Ravish, Advocates ----------- 2. 31.8.2010 The petitioner has come to this Court for quashing the notice dated 24.7.2010 issued under Section 13(4) of the SARFAESI Act, 2002 and the rules thereunder for the sale of the secured assets. The petitioner is the proprietor of a firm which had been granted loan of Rs. 5,00,000/- in September, 2007 for which he had made equitable mortgage of his land and building situated at Shabazpur, Salampur, Muzaffarpur bearing Khata No. 68, Khesra No. 2 764, area 1 katha comprised within deed No. 8708 dated 2.5.86. It is submitted by learned counsel for the Punjab National Bank, on instruction, that as on 31.8.2010 the amount under the loan has increased to Rs. 7,57,250/- and an additional amount of Rs. 12,952/- is realizable from the petitioner on account of publication of notices, etc. in the newspaper. Learned counsel for the petitioner states that the petitioner is willing to pay the entire dues of the Bank in such reasonable instalments as may be fixed by this Court so that the entire amount may be liquidated by him within a period of six months. In view of the aforesaid undertaking given by the petitioner, it is directed that the petitioner shall deposit an amount of Rs. 1,40,000/- on or before 30th September, 2010 and similar instalment of Rs. 1,40,000/- on or before the last date of each succeeding month until the entire dues of the Bank along with expenses incurred by it as aforesaid including the interest which accrued in the meantime are liquidated by the petitioner. It is also directed that the proceedings under the SARFAESI Act shall remain in abeyance so long as the 3 petitioner continues to comply with the direction given in this order, but upon failure of the petitioner to deposit any of the instalments within the time given, the entire remaining amount shall become payable and the proceedings under the SARFAESI Act shall revive. It would also be open to the petitioner to approach the Bank to get the details of the account and the authorities of the Bank shall be obliged to provide him such details within a week of his approaching them for the same. The writ petition is accordingly disposed of in terms of the aforesaid direction. (Ramesh Kumar Datta, J.) S. Pandey.