SAHIR.T.V Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) Petitioner availed a term loan from the Kerala State Co-operative Bank Limited (the bank). He has not remitted the instalments of the loan as agreed. Consequently, proceedings have been initiated by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) for realisation of the outstanding in the loan account. The petitioner is aggrieved by the said proceedings.

(2.) Heard the learned counsel for the petitioner as also the learned counsel for the bank.

(3.) When the matter was taken up, the learned counsel for the petitioner pointed out that non-payment of the instalments of the loan by the petitioner was due to reasons beyond his control and not wilful and that if a reasonable time is granted, the petitioner is prepared to liquidate the overdue in the loan account, so that he can repay the outstanding in the loan account in instalments.