NEW TECH INTERNATIONAL Vs. CANARA BANK

JUDGEMENT

(1.) Petitioners as borrowers from the respondent bank, have committed default in repayment. Consequently, proceedings have been initiated by the bank for recovery of the amounts due.

(2.) During the course of the hearing, petitioners have 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 petitioners committed default in repayment and an amount of Rs.67,68,300.00 is outstanding as on 31/10/2022 from the petitioners. 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 outstanding amount in limited instalments.