DANIEL AIDEN Vs. HDFC 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 Securitisation Act) for recovery of the amounts due upon a housing loan availed by the petitioner.

(2.) During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amounts in instalments and to obtain regularisation of the loan account.

(3.) It was submitted on behalf of the respondent bank that the petitioner committed default in repayment and the total overdue amount is at present Rs.1,48,996.00. It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account.