A. P. SUNDAR Vs. DEEPAK SAHAKRAI BANK LTD.

JUDGEMENT

(1.) The challenge is to the coercive proceedings of loan recovery in terms of the provisions of SARFAESI ACT, 2002. This Court vide interim order dtd. 18/7/2023 had said as under:

(2.) Learned counsel for the petitioner on instruction of her client present in the court submits that in total an amount of Rs.62.00 lakh was outstanding as on 31/7/2023; her client has paid a sum of Rs.13.00 lakh on 27/7/2023 by way of Demand Draft and now she has also handed to the Bank's counsel another Demand Draft for a sum of Rs.7.00lakh. Thus in all, her client would be now paying a sum of Rs.20.00 lakh and consequently the outstanding is reduced to Rs.42.00 lakh or so; petitioner also undertakes to clear the entire loan amount within a period of six months in six Equal Monthly Installments. Counsel also submits that redelivery of possession be given since her client has shown bona fide by making payment of Rs.20.00 lakh and only Rs.42.00 lakh has to be paid.

(3.) Learned counsel appearing for the bank per contra opposes the same contending that the court cannot rewrite the loan agreement; he also highlights that since 2014 petitioner has not undertaken debt servicing at all and therefore he cannot be shown any leniency. He also highlights the conduct of petitioner in availing the loan and keeping quiet without making repayment despite repeated demand notices and he becoming alert only after coercive action is taken. So contending he seeks dismissal of the writ petition.