SARFAESI payment extension with interim protection granted, while secured creditor's rights were preserved on default.

In SARFAESI enforcement proceedings, the petitioner sought time to clear the outstanding dues with protection from coercive action. The petitioner expressed readiness to settle the balance within three months after adjusting amounts already paid, and the respondents ed that proposal. On that basis, the Court directed payment of the balance within the stipulated period and restrained coercive steps in the meantime. The secured creditor's right to proceed in accordance with law was preserved if the petitioner failed to comply.

---

---

Issues: Whether the petitioner was entitled to time to clear the outstanding dues with protection against coercive action under the SARFAESI proceedings.

Analysis: The matter arose from measures taken under the SARFAESI Act for enforcement of security interest. The order records that the petitioner expressed readiness to settle the outstanding amount within three months after adjusting amounts already paid, and the respondents accepted that course. In view of the agreed proposal, the Court directed payment of the balance dues within the stipulated period and restrained coercive action in the meantime, while leaving the secured creditor free to proceed in accordance with law if the petitioner defaulted.

Conclusion: The petitioner was granted limited relief by way of time to pay the outstanding amount and interim protection from coercive steps, but the secured creditor's rights were preserved in case of non-compliance.

---