SAJENDRA PRAKASH Vs. SYNDICATE BANK

JUDGEMENT

(1.) A sum of Rs.4.5 lakhs was availed as loan in the year 2005 by the petitioners. But because of certain adverse circumstances, the petitioner could not honour the commitment in repaying the loan, under which circumstance, the Bank proceeded with the steps under the SARFAESI Act, which is sought to be intercepted in this writ petition.

(2.) THE learned Counsel for the petitioners submits that despite the adverse circumstances, earnest efforts are being taken to clear the overdue amount and that default was never wilful, but because of certain compelling circumstances.

(3.) THIS will be in addition to the liability of the petitioners to clear the regular E.M.Is as well. Subject to the above, the loan account will stand regularised and all coercive proceedings shall be kept in abeyance. It is further made clear that if the petitioners commit any default in remitting the sum of Rs.3 lakhs, as above or in the event of committing two consecutive defaults in respect of the regular E.M.Is payable, the respondent Bank will be at liberty to proceed with further steps for realisation of the entire outstanding liability in a lump sum, pursuing such steps, from the stage where it stands now.