V N SARASAN Vs. AUTHORISED OFFICER SYNDICATE BANK

JUDGEMENT

(1.) THE petitioner had availed a loan of Rs.2,50,000/- in the year 2002 on the strength of security interest created over the property in question. Admittedly, there was some default in repayment of the loan amount and in the said circumstance , the Bank proceeded with steps under the SARFAESI Act, which in turn is under challenge in this writ petition.

(2.) THE learned Sr. Counsel appearing for the petitioner submits that the default was never wilful but because of some compelling pecuniary circumstances, despite which, the petitioner satisfied a sum of Rs. One lakh on 13.07.2012. It is also stated that there is absolutely no dispute either with regard to the liability or with regard to the rights and liberties of the Bank in pursuing the steps under the SARFAESI Act. The only relief now pressed before this Court is to permit the petitioner wipe off the remaining overdue amount, if any, granting some breathing time and to satisfy the regular EMIs without fail.

(3.) THE writ petition is disposed of.