Neutral Citation No. - 2025:AHC:10946-DB Court No. - 39 Case :- WRIT - C No. - 1803 of 2025 Petitioner :- Ajit Verma Respondent :- Union Of India And 5 Others Counsel for Petitioner :- Krishna Mohan Asthana Counsel for Respondent :- Anant Kumar Tiwari,C.S.C. Hon'ble Siddhartha Varma,J. Hon'ble Dr. Yogendra Kumar Srivastava,J. 1. Heard Sri Krishna Mohan Asthana, learned counsel for the petitioner, Sri Anant Kumar Tiwari, learned counsel appearing for the Union of India, Sri Sanjay Kumar Gupta, learned counsel appearing for respondent no.3 and learned Standing Counsel for the State. 2. By means of the instant writ petition, the petitioner has prayed for quashing of the order dated 21.11.2024 passed under Section 14 of the SARFAESI Act, 2002 in Misc. Case No.1189/2020 and to quash the recovery proceedings drawn by the Respondent creditor under the SARFAESI Act, 2002 against the secured asset/mortgaged property in housing loan account of the petitioner. The petitioner has further prayed for a direction to respondent no.3 to give statements of account and to accept the outstanding dues in the Housing loan account no.HM/0045/H/16/100047 of the petitioner in easy installments as per order of this Court. 3. The petitioner was granted a housing loan of Rs.25,00,000/- on 4.9.2017 by respondent no.4. From time to time, the petitioner had paid the installments as were due to the Bank. However, when the petitioner defaulted, the entire loan became payable. There were two One Time Settlements arrived at between the Bank and the petitioner. However, it appears that the petitioner failed to honour those settlements. Ultimately, it has been informed by the Bank that on 27.12.2024, the balance principal outstanding was Rs.19,73,849.99 and one more One Time Settlement was arrived at between the Bank and the petitioner, and the petitioner was required to pay only an amount of Rs.24,80,000/- against total outstanding (principal+additional interest+misc. expenses+interest outstanding) of Rs.44,17,930.67. This amount was payable in two installments, i.e. the petitioner was required to pay Rs.15,00,000/- by 31.12.2024 and Rs.9,80,000/- by 30.1.2025. 4. Learned counsel for the petitioner, after taking instruction from his client, has informed the Court that the petitioner was ready and willing to pay Rs.9,80,000/- by 30.1.2025. The petitioner would however, be able to pay Rs.15,00,000/- in the next two months, in two equal installments. 5. Learned counsel appearing for the respondent-Bank has, upon instruction from his client, apprised the Court that, if the petitioner makes the entire payment, as was agreeable to the petitioner, the respondent-Bank was ready to accept the the amount being paid by the petitioner. However, he states that along with the second installment, the petitioner would have to pay the interest as might have accrued on that date on the amount of Rs.15,00,000/-. 6. Under such circumstances, we provide that the petitioner shall pay Rs.9,80,000/- by 30.1.2025 and the rest amount of Rs.15,00,000/- shall be paid in two equal monthly installments in the months of February and March, 2025. When the installment of March, 2025 would be payable, the Bank shall inform the interest amount, which would have accrued on the amount of Rs.15,00,000/-, and it shall also be paid by the petitioner along with second installment. 7. We clarify that, if the amount as has been promised to be paid by the petitioner, is not paid as per the undertaking, then the respondent-Bank shall be free to recover the debt pursuant to the impugned notice in accordance with law. 8. With these observations, the writ petition is disposed of. Order Date :- 22.1.2025 RKK/- (Dr Y K Srivastava, J) (Siddhartha Varma, J) Digitally signed by :- RAJ KUMAR KANNAUJIA High Court of Judicature at Allahabad