SUDHEESH K.P. Vs. AXIS BANK BANK LTD

JUDGEMENT

(1.) HEARD the learned counsel for the petitioner and the learned Standing Counsel for the respondent Bank.

(2.) ON 5.4.2010, petitioner availed of a business loan of Rs.22.5 Lakhs from the respondent Bank. Default was committed. As a result, the loan was classified as NPA and notice under Section 13(2) of the SARFAESI Act was issued. Proceedings are being continued and it is at that stage, this writ petition is filed with a prayer to allow the petitioner to get the loan regularized.

(3.) AS already seen, petitioner is neither disputing the liability nor the quantum but is only seeking regularization of the loan. This request of the petitioner can be considered only if the defaulted dues are paid.