IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No 4590 of 2010 BHOLA PRASAD BHAGAT Versus THE STATE OF BIHAR & ORS ----------- 2 19.03.2010 The petitioner carries on business in iron and steel at Khagaria. He had a cash credit facility granted by the State Bank of India, Khagaria with a limit of Rs 18 lacs. In 2008, as is known, there was devastating floods in the entire area which upset the economy of every person moreso the businessmen as large areas of the entire part of Bihar submerged in water. During that period, this brought about disruption in repayment and debt servicing leading to the account being classified as NPA. The moment that happened, the Bank pounced upon the petitioner with all powers of The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) primarily to take possession and sell property on the excuse of default. All petitioner wanted was a bit of accommodation to liquidate all dues. No accommodation was granted. This is what has brought the petitioner to this Court when possession is being sought to be taken under SARFAESI Act. Having heard the parties, in my view, the facts indeed call for intervention of this Court. The petitioner wants some accommodation. Bank states that it is not interested in property. It is interested in liquidating its dues. As per learned counsel for the Bank, the outstanding dues in the cash credit account which is 2 within limit, still Bank insists on liquidating because of a default in debt servicing earlier as on 17.03.2010 is Rs 14,24,890/-. Petitioner undertakes to liquidate the entire dues within four months from today that is by 31st of July, 2010. It goes without saying that this is only a time period moratorium being granted by this Court. Interest would, accordingly, run as per contract. It is for the petitioner to choose the instalments in which he would pay. Thus, by 31st of July 2010, if all amounts are paid and cleared, there would be no further cause for the Bank to act. In case orders of this Court are not carried out, Bank would be free to proceed in the matter as if no such order was passed. In the meantime, till 31st July 2010, Bank would not proceed to take any further coercive steps. With these observations and directions, this application stands disposed of. M.E.H./ (Navaniti Prasad Singh)