GEORGE Vs. AUTHORIZED OFFICER/CHIEF MANAGER

JUDGEMENT

(1.) THE petitioners availed a loan of Rs.6,00,000/-(Rupees six lakhs) from the respondent Bank creating security interest over the property in question. But since repayment was not effected as scheduled, the account was declared as 'NPA' and the Bank proceeded with steps under the SARFAESI Act, which forms the subject matter of challenge in this writ petition.

(2.) WHEN the matter came up for consideration before this Court on 02.07.2012, the attempt to take physical possession of the property was intercepted, on condition that the petitioners deposited a sum of Rs. 1 lakh within ten days, which is stated as complied with. The learned counsel for the respondent Bank submits on instruction that, after giving credit to the said amount of Rs. 1 lakh, the balance is nearly Rs.6.88 lakhs, to have the loan account closed.

(3.) WRIT petition is disposed of.