Neutral Citation No. - 2025:AHC:13976-DB Court No. - 39 Case :- WRIT - C No. - 416 of 2025 Petitioner :- Pawan Kumar Respondent :- State Of U.P. And 2 Others Counsel for Petitioner :- Prakash Kumar Srivastava Counsel for Respondent :- C.S.C. Hon'ble Siddhartha Varma,J. Hon'ble Dr. Yogendra Kumar Srivastava,J. 1. Heard Sri Sahil Srivastava holding brief of Sri Prakash Kumar Srivastava, learned counsel for the petitioner and Sri Ambrish Shukla, learned Additional Chief Standing Counsel appearing for the State-respondents. 2. By means of present writ petition, the learned counsel for the petitioner has prayed for quashing of the impugned notice dated 14.05.2024 issued by respondent no.3 under Section 13(2) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the "SARFAESI Act"). 3. It is stated that the petitioner had taken a loan but the same could not be repaid as per the terms of the agreement. A notice for a sum of Rs.12,33,790/- and other expenses had been issued against the petitioner. This writ petition has been filed with the averment that petitioner is ready and willing to deposit the amount, in case he is permitted to do so in easy instalments. 4. At the very outset, learned counsel for the petitioner has proposed to deposit 25% of the outstanding amount within a period of ten days from today with an undertaking that the remaining amount shall be paid in next four equal monthly installments. 5. Learned counsel appearing for the respondents no.3 states that the finance company is ready to accept the amount. He, however, states that the finance company has no objection if the borrower is willing to clear the debt by paying 25% of the outstanding amount within a period of ten days from today and remaining amount in next four 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 ten days from today, and the remaining amount in next four 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 finance company shall inform the petitioner the interest amount and the other expenses 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 to be paid by the petitioner is not deposited as per the undertaking then the finance company shall be free to recover the debt pursuant to the impugned notice in accordance with law. 9. With these observations, the writ petition is disposed of. Order Date :- 27.1.2025 Imroz (Dr. Y.K. Srivastava,J.) (Siddhartha Varma,J.) Digitally signed by :- MOHAMMAD IMROZ KHAN High Court of Judicature at Allahabad