RAJESH R. Vs. ARBITRATION & EXECUTION

JUDGEMENT

(1.) The petitioner, who availed a term loan for 10 lakhs from the second respondent Bank in the year 2012, is before this Court in this writ petition filed under Article 226 of the Constitution of India, seeking an order to set aside Ext.P1 auction notice dated 09.11.2017 issued by the Sale Officer of the second respondent Bank. The petitioner has also sought for a writ of mandamus commanding the respondents to regularise the loan account and allow him to repay the arrears in instalments.

(2.) The reliefs sought for in this writ petition are opposed by respondents 2 and 3 by filing a counter affidavit, wherein it has been stated that after availing loan in the year 2012, the petitioner has remitted only a sum of 50,000/- on 04.06.2014 which has been adjusted towards interest. In A.R.C. No.1570 of 2014 filed by the Bank, the Arbitrator passed Ext.R2(a) award dated 25.11.2014 and in order to execute the said award, the Bank initiated recovery proceedings as per Ext.R2(e) demand notice. As per the counter affidavit filed by the second respondent Bank, the total amount due to the Bank as on 18.12.2017 comes to 18,77,618/-.

(3.) Heard the learned counsel for the petitioner, the learned Government Pleader for the first respondent and also the learned Standing Counsel for respondents 2 and 3.