SHYAM DEVDAS Vs. CHIEF MANAGER

JUDGEMENT

(1.) THE petitioner availed a vehicle loan from the second respondent Bank hypothicating the concerned vehicle, which is an 'Innova car', besides the security given by way of immovable property belonging to the petitioner's father. Because of some unforeseen circumstances, the repayments could not be effected on time, which made the respondent Bank to proceed with further steps under the SARFAESI Act, whereby the physical possession of the car has taken over. This made the petitioner to approach this Court by filing the present writ petition.

(2.) THE learned counsel for the respondent Bank, submits, on instructions that, as on date, an amount of nearly Rupees Ten lakhs is due in respect of the loan transaction, out of which Rupees Eight lakhs constitutes 'overdue' amount in respect of the defaulted EMIs. Unless and until the petitioner satisfies the entire overdue amount, the vehicle is not liable to be released to the petitioner, as there is no other security.

(3.) AFTER hearing the submission made by the learned counsel for the petitioner for causing the vehicle to be released, it is open for the petitioner to approach the respondent Bank by furnishing adequate security by way of immovable properties, on which event, the same shall be considered in accordance with law. Release of the vehicle shall be caused to be made forthwith, if the security is acceptable to the Bank.