SATHEESH BABU Vs. AUTHORISED OFFICER, CANARA BANK

JUDGEMENT

(1.) The 1st petitioner, who is stated to be a Cable TV operator and the 2nd petitioner, who is the wife of the 1st petitioner, availed housing loan for Rs.8,00,000/- from the 2nd respondent Bank on 08.11.2014 and another loan for Rs.5,00,000/- on 10.08.2015, by mortgaging their property having an extent of 4.60 Acres in Karthikapally Village, agreeing to repay the loan in 180 monthly installments of Rs.14,000/- each. Since there is default in repayment, the Bank initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for brevity 'the SARFAESI Act') and in such circumstances, the petitioners are before this Court in this writ petition seeking a writ of mandamus commanding the respondents to keep in abeyance any legal steps initiated against the petitioners and permit them to regularise the loan on fair terms, as fixed by this Court.

(2.) On 30.10.2020, when this writ petition came up for consideration, the learned Standing Counsel for the respondent Bank sought time to get instructions.

(3.) A statement has been filed on behalf of the respondents by the learned Standing Counsel. Paragraphs 3 and 4 of that statement reads thus; "3. At the very outset it is submitted that the Petitioner has availed 4 loan from the Respondents. The details of the loan account and its outstanding amount are given herein below. <FRM>JUDGEMENT_510_LAWS(KER)12_2020_1.html</FRM> 4. It is submitted that accounts have been classified as NPA on the aforesaid dates and the account has been recalled by the Bank. Therefore, restructing or regularization would not be possible at this stage of proceedings. The Petitioner shall have to clera the entire outstanding of Rs.15,22,105.58."