JAGADEESH CHANDRAN Vs. THRISSUR DISTRICT CO-OPERATIVE BANK

JUDGEMENT

(1.) TWO term loans of Rs. 5,00,000 each availed of by the petitioners are in default. Thereupon, SARFAESI proceedings were initiated and symbolic possession of the mortgaged assets have been taken over. It is at that stage, the writ petition has been filed.

(2.) FROM the submissions made by the learned standing counsel for the Bank and the statement filed by them, it is seen that the petitioners are defaulters and it was therefore that the impugned action was taken. It is also stated that as at present, more than Rs. 1.6 lakhs is due from the petitioners towards the defaulted instalments itself.