JUDGMENT : 1. Heard learned counsel for the petitioner and Shri C. Patra, learned counsel for the opposite parties-Bank. 2. This writ petition has been filed challenging the Possession Notice dated 08.01.2018 (Annexure-10), issued by the opposite parties-Bank, under Section 13(4) of the SARFAESI Act, for taking possession of the mortgaged property, for recovery of the loan dues. 3. Learned counsel for the petitioner submits that the petitioner had availed one cash credit loan facility of Rs. 15.00 lakhs and one house building loan of Rs. 7.00 lakhs in the year 2010 and subsequently another house building loan of Rs. 2.00 lakhs in the year 2014, for construction of his residential house. It is submitted that though the petitioner has repaid some amount, due to acute financial hardship he could not pay the balance amount, for which the Bank has initiated action under the SARFAESI Act for realisation of the loan dues. It is submitted that the petitioner is ready and willing to deposit a substantial amount towards down payment against his outstanding loan dues and shall file an application for settlement/rephasement/regularisation, which may be considered by the Bank sympathetically and as has been done in similar other cases. 4. Learned counsel for the opposite parties-Bank submits that the present outstanding loan dues against the petitioner is about Rs. 30.00 lakhs. It is fairly submitted that if the petitioner deposit a substantial amount towards the outstanding loan dues and makes an application for settlement/rephasement/regularisation, the Bank shall consider the same in terms of its existing guidelines and as has been done in similar other cases. 5. Considering the submissions made, it is directed that in the event the petitioner deposits an amount of Rs. 8 lakhs with the opposite time settlement/rephasement/regularisation of the loan dues, the Bank shall consider the same in terms of its existing guidelines and as has been done in similar other cases and take a decision thereon within four weeks thereafter. 6. On the petitioner depositing the amount of Rs. 8 lakhs within the stipulated period as directed above, the physical possession of the mortgaged property in question shall be handed over to the petitioner on his furnishing an undertaking that he shall not alienate or created any third party interest over the said properties without leave of the Bank. 7. 6. On the petitioner depositing the amount of Rs. 8 lakhs within the stipulated period as directed above, the physical possession of the mortgaged property in question shall be handed over to the petitioner on his furnishing an undertaking that he shall not alienate or created any third party interest over the said properties without leave of the Bank. 7. It is needless to say that if the petitioner does not deposit the amount as directed above within the stipulated period or default in making payment of the subsequent instalments to be fixed by the Bank after settlement/rephasement/regularisation, the Bank shall be at liberty to take recourse to such steps as provided in law. 8. Writ petition is accordingly disposed of. 9. Issue urgent certified copy as per rules.