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2017 (2) TMI 654 - HC - Indian LawsExtension of time for repayment of dues - Held that:- Having regard to the totality of the facts and circumstances, though we find that the judgment of the learned Single Judge need not be interfered with, we deem it proper, looking to the amount to be repaid by the borrower, to extend the time fixed by the learned Single Judge for repaying the dues upto 31.10.2016. Accordingly, we pass the following: (i) The borrower shall pay to the Bank the entire balance amount covered by Ext.P3 letter dated 7.4.2015 with interest @ 12% per annum from 30.6.2015 and also comply with all others terms as stated in the said letter, on or before 15.11.2016. Interest shall be paid for the payments made belatedly, taking into account the delay in their remittance from the respective dates as shown in Ext.P3. However, during the aforementioned period, the Bank will have no obligation to release any of the securities, unless otherwise decided by the Bank. (ii) The sale of the scheduled property shall be fixed only after 15.11.2016. However, it is open for the Bank to take all other steps to notify the property for sale, if so advised. (iii) We make it clear that if any of the payments are not made within the time stated supra, it is open for the Bank to proceed further and recover the entire amount ignoring the direction as stated in Clause (i) above. (iv) We make it clear that no further extension of time will be granted to the borrower under any circumstances.
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