JOLLY GEORGE Vs. FEDERAL BANK LTD

JUDGEMENT

(1.) THE petitioner availed a housing loan of Rs.30 lakhs from the respondent Bank on the strength of security interest created over the property. Admittedly, the petitioner turned to be a defaulter, under which circumstances, the account was declared as 'NPA' and the Bank proceeded with steps under the SARFAESI Act, which in turn is under challenge.

(2.) THE case of the petitioner is that the petitioner was residing elsewhere along with her mother and because of some unforeseen frustrating pecuniary circumstances, repayment could not be effected on time. The learned counsel for the petitioner submits that the default was never wilful and that there is no challenge with regard to the steps taken by the Bank, while the prayer is to permit the petitioner to clear the liability by way of reasonable instalments and to have the loan account regularised, assuring that future EMIs will be paid without fail.

(3.) IT is made clear that the bids, if any, received by the Bank, pursuant to the sale/tender notice, shall be kept in tact and could be opened only subject to the outcome as aforesaid. Writ petition is disposed of as above.