IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.18825 of 2008 KAILASH CHAND son of late B.D.Gupta, resident of R.K.Plaza, Near Hathua Market, Flat no. 503/504, Bari Road,Patna-800004. Versus 1. THE Regional Manager, State Bank of Bikaner and Jaipur, Abhay Bhawan,Frazer Road,Patna-800001. 2. The Branch Manager, State Bank of Bikaner and Jaipur, Ashok Rajpath,Patna Branch,Patna. ----------- 2 4.2.2009 Heard learned counsel for the petitioner and Mrs. Nilu Agrawal, learned counsel for the State Bank of Bikaner and Jaipur and with their consent, this application is being disposed of at this stage itself. Petitioner had given his property in mortgage for loan secured in favour of his son Manoj Kumar. The son defaulted and the result is that there is an outstanding of about Rs. 4.29 lakhs plus interest with effect from 1.4.2008. For recovery of the said, respondent- Bank has taken steps under the SARFAESI ACT and issued possession notice. Petitioner states that after receipt of the notice aforesaid, on 17.2.2008, petitioner has deposited Rs. 50,000/- and a further sum of Rs. 20,000/- on 31.1.2009. Petitioner undertakes to pay on monthly basis a minimum of Rs. 40,000/- starting from the 1st weeks of March, 2009.After six months of regular payment, petitioner would be at liberty to approach the Bank for waiver of interest and the Bank would consider the same and give maximum benefit that is possible considering the bonafide of the petitioner in making regular repayment. The monthly payment of Rs. 40,000/- per month would 2 continue till the total outstanding with waiver of interest as may be granted is completely paid off. In case petitioner defaults in any of the monthly instalment, the Bank would be free to re-initiate the proceedings in terms of SARFAESI ACT, as if this Court has passed no order. This, in my view, disposes of the writ petition. SINGH (Navaniti Pd. Singh, J.)