IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.8406 of 2009 BIPIN KUMAR Versus THE STATE OF BIHAR & ORS ----------- 2 31.08.2009. Heard learned counsel for the parties. The petitioner prays for quashing notice dated 1.6.2009 contained in annexure 1 issued under section 13 of the SERFAESI Act, 2002. The petitioner has taken housing loan of Rs.4,00,000/- on 31.5.2004 for renovation of his old house situated in the town of Biharsharif. As per agreement the petitioner was to pay the loan in 57 installments. The interest was chargeable at the rate of 7.25 percent per annum. The aforesaid loan was given in different installments and the petitioner had already paid Rs.1,28,856/- to the bank. Learned counsel submits that the bank contrary to the agreement has charged interest at a higher rate and at compound rate. The petitioner states that without issuing notice under section 13(2) of the Act, authorized officer of the Canara Bank, Biharsharif has initiated action under section 13(4) of the Act. Having heard the parties, this court observes that if the petitioner files an application before respondent no.3 he will provide the petitioner the details of account within two weeks thereof. Thereafter the petitioner would make his proposal for settlement of dues within further ten days. The bank would be obliged to respond to the offer of the petitioner within ten days thereafter. If no consequent settlement is arrived at, it would be - 2 - open to the petitioner to prefer an appeal under section 17 of the SERFAESI Act. In the meantime, no coercive steps would be taken against the petitioner for a period of five weeks. The writ petition stands disposed of with aforesaid observations and directions. Shashi. (Samarendra Pratap Singh,J.)