T. SELVARAJ Vs. REPCO HOME FINANCE LTD.

JUDGEMENT

(1.) Petitioner has approached this Court challenging proceedings initiated under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (hereinafter referred to as the SARFAESI Act) for recovery of the amounts due upon a mortgage loan availed by the petitioner.

(2.) During the course of hearing, petitioner has confined the relief to an opportunity for repaying the outstanding amount in instalments.

(3.) It was submitted on behalf of the respondent financial institution that the petitioners committed default in repayment and the outstanding amount is Rs.1,85,59,412.00 (Rupees One crore eight five lakh fifty nine thousand four hundred twelve only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent financial institution is willing to accept repayment of the outstanding amount in limited instalments.