IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No 18563 of 2008 Mansoor Ansari Ashrafi @ M A Ashrafi, son of late Md Qasim, Proprietor of M/s Maruti Automobile, 2, Rani Plaza, Exhibition Road, Patna and resident of 504, Maqbool Apartment, Exhibition Road, PS : Gandhi Maidan, Dist : Patna - Petitioner Versus 1 The Punjab National Bank, Bhikhaji Cama Place, New Delhi through its Chairman 2 The Deputy Zonal Manager, Punjab National Bank, Zonal Office, Birchand Patel Marg, R Block, Patna 3 The Chief Manager, P N B, Exhibition Road Branch, Patna 4 The Authorised Officer, P N B, Exhibition Road, Patna - Respondents ----------- 2 05.01.2009 The petitioner is indebted to Punjab National Bank, Exhibition Road Branch, Patna. It defaulted in its discharge of liability. There was a compromise offer and acceptance on 27.06.2008. Under this agreement, petitioner was to pay a total amount of Rs 18 lacs in different instalments for full and final settlement of the outstanding dues. Petitioner paid only Rs 4 lacs and defaulted in rest of the instalments amounting to Rs 14 lacs. This brought the respondent- Punjab National Bank to take steps in terms of Section 13 (4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). This is what brought the petitioner to this Court. Punjab National Bank has appeared and filed a counter affidavit at this stage itself. Learned counsel for the Bank has taken a very fair stand and submits that if the petitioner makes good the defaulted instalment as per compromise and agrees to pay interest at PLR on the defaulted amount from the date of petitioner’s compromise offer to the date of final liquidation, Bank would not proceed to take 2 any step under SARFAESI Act. The learned counsel for the petitioner cannot and does not have any objection to the said stand. Considering the equities, I direct that within six months that is by 30th of June 2008, petitioner would clear the total outstanding amount as per compromise alongwith interest at PLR on the said defaulted amount from 26.07.2008 to the date of its liquidation. The payments must be minimum Rs 2.50 lacs per month subject to clearing all payments in June, 2009 itself. If payments are punctually made, the respondent-Bank would not precipitate the matter any further but if there is a default, respondent-Bank would be free to proceed in accordance with law. This disposes of the writ application itself. Let a copy of this order be given to the counsel for the respondent-Bank. M.E.H./ (Navaniti Prasad Singh)