- (1.) The petitioner had been sanctioned a loan of Rupees 5,25,000/- for establishing of the Rice Mill by the respondent Bank. It had also been sanctioned a sum of Rs. 3,75,000/- in the year 2003 . Thus, the peittioner had been given a total sum of Rs. 9 lakhs by the respondent bank. According to the petitioner, till 7.7.2010 ,it has deposited a sum of Rs. 12,74,523/-. Petitioner has also stated that due to unforeseen circumstances and reasons beyond his control, it could not repay the amount due in time. According to it, prior to default it had regularly deposited the amount with the Bank. Now the Bank is proceeding against the petitioner 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 Srii Om Prakash Pandey learned Counsel for the petitioner and the learned Counsel for the respondent-Bank and also have perused the averments made in the writ petition.
(3.) Learned Counsel appearing for the petitioner states that the petitioner is prepared to repay the entire outstanding dues along with interest and expenses on pro-rata basis in instalments.;