NEELAVENI Vs. BANGALORE CITY CO-OPERATIVE BANK LIMITED

JUDGEMENT

(1.) The challenge is to the coercive proceedings pursuant to which the subject security property was taken possession of by the bank. A Coordinate Bench of this Court vide interim order dtd. 15/11/2022 has stated as under:

(2.) Pursuant to the said order, the Petitioner- borrower has made payment of Rs.4,00,000.00 (Rupees Four Lakh) only, the outstanding sum being Rs.11,68,000.00 (Rupees Eleven Lakh Sixty Eight Thousand). Counsel for the Petitioner complains that despite receiving this amount, the bank is not delivering back the subject property and therefore, a direction to that effect is needed.

(3.) Learned Panel Counsel appearing for the respondent-bank having opposed the petition vociferously, now in all fairness submits that he would instruct his client to give back the possession of property to the Petitioner immediately and that the Petitioner has to come out with a plan for making the account regular by paying outstanding amount of Rs.7,28,000.00 (Rupees Seven Lakh Twenty Eight Thousand) only. Petitioner too agrees that this amount would be cleared within a period of four months in equivalized monthly installments of which, the first shall be paid within one month from this day. Petitioner shall also file an affidavit to that effect before the respondent- bank within ten days.