ABBAS Vs. KASARGOD CO-OPERATIVE TOWN BANK LTD

JUDGEMENT

(1.) Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI Act) for recovery of the amounts due upon a loan availed by the petitioner.

(2.) During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in installments and to obtain regularization of the loan account.

(3.) It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the overdue amount is Rs.7,56,032.00 (Rupees Seven Lakhs Fifty Six Thousand and Thirty Two 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 overdue amount in limited installments and regularize the loan account.