IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.4416 of 2010 1. Subhash Chandra Agrawal S/O Late Arjun Lal Agrawal R/O Pushpa Vihar Apartment, Exhibition Road, P.S. Gandhi Maidan, Town & District-Patna.-Petitioner. Versus 1. The Canara Bank, having its Head Office at 112 J.C. Road, Bangalore 560002 through its Chairman 2. The Senior Manager, Canara Bank, Budh Marg Branch, Patna, 3. The Authorized Officer, Canara Bank, Budh Marg Branch, Patna 4. The Branch Manager, Canara Bank, Budh Marg Branch, Patna. Respondents. ----------- For the petitioner : Mr. Rajesh Mohan, Advocate For the Bank : Mr. R.K.P. Singh, Advocate. ---- 7. 01.8.2011. Heard learned counsel appearing on behalf of the parties. The writ petition has been filed for quashing the notice dated 15.1.2010 issued by the respondent Bank in purported exercise of powers under section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security interest Act, 2002 (hereinafter referred to as ‘the SARFAESI Act’) for realization of an amount of Rs.4,42,150.64 from the petitioner and for restraining the respondent Bank from taking any action under section 13(4) of the SARFAESI Act. This matter was taken up on 16.3.2010 when this court, while allowing the respondent bank to seek instructions and file counter affidavit, 2 had restrained the respondent Bank from taking any coercive action against the petitioner or the assets of his guarantor. While this matter was pending consideration before this court, certain developments have taken place between the parties and learned counsel for the petitioner informs that the petitioner has applied for one time settlement before the respondent Bank and which application is pending consideration by the Bank. He submits that as according to the calculation made by the petitioner, the total amount outstanding against him is Rs.4.40 lacs, hence pending consideration by the Bank of the application filed for One Time Settlement, the petitioner is prepared to deposit a sum of Rs.1 lac within a period of three weeks and the balance amount of Rs.3.40 lacs in equal six monthly installments, which shall be subject to the order of settlement on the application filed for under the One Time Settlement. Mr. R.K.P.Singh, learned counsel appearing on behalf of the Bank submits that the amount of Rs.4.40 lacs has been estimated by the petitioner on his own calculation and which may not be the correct position. He, however, submits that the 3 petitioner, as per his calculation and undertaking made in paras-4 and 5 of the supplementary affidavit filed today, may deposit the amount on the basis of his calculation but that figure would be subject to the final determination of the amount by the Head Office of the Bank upon consideration of the application filed by the petitioner for one time settlement. Regard being had to the submissions made by the learned counsel for the parties, the writ petition is disposed of with direction to the petitioner to deposit a sum of Rs.1 lacs on or before 23.8.2011 on the basis of his estimation of the outstanding amount of Rs.4.40 lacs. The balance amount would be deposited by him in equal monthly instalments within a period of next six months. The first of such instalments would be payable by the petitioner on or before 26.9.2011 and thereafter the balance of the five instalments shall also be made on or before 25th of the following month. It is however made clear that the amount estimated by the petitioner as regarding the outstanding, would be subject to the final determination by the Head Office of the Bank on the application filed by the petitioner for one 4 Time Settlement. Any failure on the part of the petitioner to abide by his undertaking, would entitle the Bank to resort to the remedy as available to it in law. Until such time, the petitioner shall continue to make deposits in terms of the order of this court, no coercive steps shall be taken by the Bank against the petitioner. ahk (Jyoti Saran, J.)