SEENATH N Vs. BANK OF BARODA

JUDGEMENT

(1.) THE loan availed of by the petitioner from the respondent Bank is in default. THErefore SARFAESI proceedings have been initiated by the Bank. Ext.P1 is the notice issued under Section 13(2) of the Act. It s on receipt of the notice that this writ petition has been filed seeking a direction to the respondent Bank to regularize the loan in question.

(2.) I heard the counsel appearing for the petitioner and the Standing Counsel appearing for the respondents. The prayer of the petitioner to regularize the loan can be considered only if the petitioner clears the entire defaulted installments. Therefore I direct that if the petitioner clears the entire defaulted installments together with the current EMI due before 31.3.2012, the loan in question shall be regularized. In order to enable the petitioner to do so, it is directed that further proceedings pursuant to Ext.P1 will be deferred and if default is committed Bank will be free to continue the proceedings already initiated. Writ petition is disposed of as above.