BY AD v. JAYASREE K.P
Case at a glance
Provisions considered
Judgment
I have heard the learned Counsel for the petitioner and the learned Standing Counsel representing the Bank.
The specific case of the petitioner is that the petitioner has been making the repayment and maintaining the loan account initially. The default in repayment of the loan occurred lately due to reasons beyond the control of the petitioner. The petitioner has provided substantial security which will safeguard the interest of the Bank.
In the facts and circumstances of the case, I am inclined to dispose of the writ petition giving a short and reasonable time to the petitioner to clear off his liability.
The writ petition is therefore disposed of with the following directions: (i) The petitioner shall remit an amount of ₹ 2 lakhs on or before 22.02.2024. (ii) The petitioner shall remit the balance overdue amount in subsequent consecutive eight equal monthly instalments thereafter, W.P.(C) No.2485 of 2024 : 6 : along with accruing interest and other Bank charges, if any. (iii) If the petitioner commits default in making payments as directed above, the respondents will be at liberty to continue with coercive proceedings against the petitioner in accordance with law. (iv) The petitioner shall also pay current EMIs along with the aforesaid payments. (v) If the petitioner pays the instalments as directed above, any coercive proceedings against the petitioner shall stand deferred. AMR Sd/- N. NAGARESH JUDGE W.P.(C) No.2485 of 2024 : 7 : APPENDIX OF WP(C) 2485/2024 PETITIONER’S EXHIBITS Exhibit P1 Exhibit P2 A TRUE COPY OF THE NOTICE 01.03.2021UNDER SEC 13(2) OF THE SARFAESI ACT. A TRUE COPY OF THE NOTICE ISSUED BY THE ADVOCATE COMMISSIONER DATED 17.01.2024 IN M.C.NO.1111 OF 2023.
Precedent status how later indexed judgments have treated this case
No known negative treatment found in the Courts & Cases corpus.
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