Neutral Citation No. - 2025:AHC:5966-DB Court No. - 39 Case :- WRIT - C No. - 43221 of 2024 Petitioner :- Bhanu Prakash Respondent :- Authorized Officer Uco Bank And Another Counsel for Petitioner :- Arunendra Kumar Shukla,Ram Krishna Mishra,Ras Bihari Pandey Counsel for Respondent :- Ajay Shankar Hon'ble Siddhartha Varma,J. Hon'ble Dr. Yogendra Kumar Srivastava,J. 1. Heard learned counsel for the petitioner and learned counsel appearing for the Bank. 2. By means of the present writ petition, the learned counsel for the petitioner has prayed for quashing of the possession notice dated 04.12.2024 issued under Section 13(4) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the "SARFAESI Act") by the respondent Bank. 3. From the perusal of the Possession Notice which has been annexed at page 16 of the writ petition, we find that the borrower-petitioner was required to avail such time as was available to him as per Section 13(8) of the SARFAESI Act. 4. At the very outset learned counsel for the petitioner has proposed to deposit 25% of the outstanding amount within a period of one month from today, with an undertaking that the remaining amount shall be paid in next three equal monthly installments. 5. Learned counsel for the Bank does not dispute the fact that pursuant to the recovery proceedings including the impugned notice dated 04.12.2024, no auction proceedings have been fixed. He, however, states that the Bank has no objection if the borrower is willing to clear the debt by paying 25% of the outstanding amount within a period of one month from today and remaining amount in next three equal monthly installments. 6. In view of the above stand of the learned counsel for the parties, at this stage, without looking into the merits of the case, we deem it appropriate to afford an opportunity to the borrower to clear the debt by paying 25% of the outstanding amount within a period of one month from today, and the remaining amount in next three equal monthly installments. The outstanding debt be directed to be paid with up-to-date interest. 7. Needless to say that when the last installment is paid by the petitioner, the bank shall inform the petitioner the interest amount which would have accrued by the last date of payment and it shall be paid along with the last installment. 8. We clarify that, if, the amount as has been promised by the petitioner is not deposited as per the undertaking then the Bank shall be free to recover the debt pursuant to the impugned notice. 9. With these observations the writ petition is disposed of. Order Date :- 10.1.2025 vkj/ M.S. Ansari (Dr. Y.K. Srivastava,J.) (Siddhartha Varma,J.) Digitally signed by :- VIJAY KRISHNA JAISWAL High Court of Judicature at Allahabad