BIJU S Vs. UNION BANK OF INDIA

JUDGEMENT

(1.) THE petitioners have availed a loan of Rs.3,00,000/- from the respondent Bank, creating security interest over the property in question. Admittedly, there occurred some default, whereupon the Bank declared the account as 'NPA' and proceeded with further steps under the SARFAESI Act including by filing a petition under Section 14(1) of the Act before the concerned Chief Judicial Magistrate's Court, whereby an Advocate Commissioner has been appointed, who has served Ext.P2 notice demanding vacant surrender of the property on or before 4.8.2012, which made the petitioners to approach this Court by filing this writ petition.

(2.) THE learned counsel for the petitioners submits that the default was never wilful, but because of some frustrating pecuniary circumstances. It is further stated that the petitioners do not intend to dispute the liability, nor is there any challenge with regard to the rights and liberties of the Bank to proceed with steps under the SARFAESI Act. It is also submitted with reference to the contents of para 5 of the writ petition and Ext.P3 receipt, that the petitioners have already satisfied a sum of Rs.87,000/- on 30.7.2012, out of the total amount of nearly Rs.1.98 lakhs as on 31.12.2011. The learned counsel also submits that, whatever may be the outstanding liability, the petitioners are ready and willing to clear the same, for which some breathing time is sought for, by way of reasonable instalments.