M/S. Figi S Agency, v. the Authorised Officer
Case brief
What is this about?
SARFAESI instalment relief; Canara Bank Konni Branch Authorised Officer; possession notice 11.12.2024; outstanding Rs.21,35,241/- as on 19.03.2025; down payment Rs.2,50,000/- by 10.04.2025; 12 equal monthly instalments from 09.05.2025; coercive proceedings kept in abeyance; default reactivates recovery per law; WP(C) 5665/2025; decided 25.03.2025 by Gopinath P., J.
What did the court decide?
Direction to the respondent Bank to accept repayment of the outstanding amount of Rs.21,35,241/- along with accrued interest, costs and charges — Rs.2,50,000/- on or before 10.04.2025 and the balance in 12 equal monthly instalments, the first on or before 09.05.2025 and subsequent instalments on or before the 10th day of every succeeding month — with all coercive proceedings kept in abeyance; on default of any one instalment the Bank may proceed in accordance with law.