SREEJITH Vs. AUTHORISED OFFICER

JUDGEMENT

(1.) Dated this the 29th day of September, 2022 Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due under a mortgage loan availed by the petitioner.

(2.) During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.

(3.) It was submitted on behalf of the respondent bank that the petitioners committed default in repayment and the outstanding amount is Rs.35,92,200.00 (Rupees Thirty five lakh ninety two thousand two hundred only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the outstanding amount in limited instalments.