NAVEEN Vs. KOLLAM CO OPERATIVE URBAN BANK 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 amount due upon a loan, namely an overdraft facility, availed by the 1st petitioner from the respondent bank.

(2.) It is submitted that the total outstanding liability of the petitioner in respect of the loan comes to Rs.34,21,912.00. 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 bank that the petitioner is a chronic defaulter and no indulgence whatsoever can be shown to him. However, it is submitted that if the petitioner is willing to repay the entire outstanding liability along with accrued interest and costs in eighteen (18) instalments, the bank is ready to accept the same.