J U D G M E N T

Petitioner had availed of a housing loan of Rs.28 lakhs from the respondent Bank. As security, the property purchased itself was mortgaged. Default was committed and as a result Bank has initiated SARFAESI proceedings. Finally, bank has issued Ext.P5 possession notice. It is at this stage, the petitioner has approached this court requesting that he be given a reasonable time to settle the liability. Petitioner has also produced Exts.P3 and P4 newspaper advertisements given by him for the the sale of the property and according to him if 3 months time is granted he will sell the property and will discharge the liability.

2. I heard the standing counsel appearing for the respondent Bank. The counsel for the respondent Bank justified the action initiated by the Bank.

3. True, the petitioner is a defaulter and the Bank is entitled to have initiated action for recovery of its dues also. However, petitioner only seeks 3 months time to discharge the whole liability. In WPC.No. 19709/2012 :2 :

my view, when such a request is made and as the mortgage is still remaining in force, Bank will not be prejudiced, if 3 months period is allowed to the petitioner.

4. Therefore, I direct th