DEEPU S. Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) HEARD the learned counsel for the petitioners and the learned counsel for the Bank.

(2.) PETITIONERS challenge a SARFAESI proceedings initiated against them. Proceedings were initiated on account of the defaults committed by the petitioners in the Cash Credit facility and a term loan availed of by them. Cash Credit facility was of Rs.5,00,000.00 and the term loan was of Rs.7,00,000.00. The prayer sought in this writ petition is to allow regularization of the facilities.

(3.) SINCE the period of the Cash Credit facility has already been expired, this Court cannot require the Bank to regularize the facility in question. Therefore, best the petitioner can aspire for is an instalment facility to liquidate the liability.