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TMI Blog2017 (4) TMI 1644X X X X Extracts X X X X X X X X Extracts X X X X ..... itioner - HELD THAT:- Keeping in view the fact that petitioner is the guarantor and the mortgaged property is his residential house, it is directed that in the event the petitioner deposits an amount of Rs.10,00,000/- with the Bank-opposite party no.1 within four weeks hence along with an application for one time settlement/rephasement of the loan amount, the Bank shall consider the same in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mortgage property of the petitioner. Learned counsel for the petitioner submits that the petitioner is the guarantor for the loan availed by the opposite party nos.2 to 4. It is submitted that because of non-payment of loan amount in time, the Bank has issued notice under Section 13(4) of the SARFAESI Act, for taking possession of the mortgage property. It is submitted that as the petitioner is no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has decided to put the same to public auction. It is submitted that as on 01.02.2016, the outstanding loan amount was Rs.40,86,138/-. Learned counsel for the Bank fairly submits that if the petitioner-guarantor deposits a substantial amount towards down payment within a prescribed time with the Bank and applies for one time settlement/rephasement, the Bank shall consider the same in terms of its ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titioner, pursuant to the notice dated 24.05.2016 under Annexure-2 series to the writ petition. On the petitioner depositing an amount of Rs.10,00,000/- (Rupees Ten lakhs) within the stipulated period, the physical possession of the mortgage property in question shall be handed over to the petitioner on his furnishing an undertaking that he shall not s ell, mortgage, alienate or create any third p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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