- (1.) Respondent bank had granted O.D. limit loan for Rs. 50 lacs to the petitioner's firm in the year 2006 for which the petitioners along with the guarantors had furnished guarantee and handed over their property to the respondent bank by way of collateral security. Respondents bank issued a notice dated 28.1.2010 to the petitioners under the SARFASI Act, 2002 for depositing a sum of Rs. 11,14,528/within 30 days. The contention of the petitioner is that due to unforeseen circumstances the principal debtor could not repay the loan amount in time, although some of the instalments were paid by the borrower reqularly. Now the Bank is proceeding against the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Act") for the realisation of loan amount etc.
(2.) We have heard Sri D.K. Srivastava learned Counsel for the petitioners and learned Counsel for the respondent-Bank and have perused the averments made in the writ petition.
(3.) Learned Counsel appearing for the petitioners states that the petitioners are prepared to repay the entire outstanding dues along with interest and expenses on pro-rata basis in instalments.;