LAWS(KER)-2023-7-131

SREENIVASAN Vs. IDBI BANK LTD

Decided On July 27, 2023
SREENIVASAN Appellant
V/S
IDBI BANK LTD Respondents

JUDGEMENT

(1.) The writ petition is filed, inter alia, to direct the respondents to keep in abeyance Ext.P5 proceedings and permit the petitioner to pay the outstanding amount in twenty five equated monthly instalments.

(2.) The petitioner's case is that, he had availed financial assistance from the respondent ' Bank - by creating an equitable mortgage by deposit of title deeds. Due to unforeseen circumstances, the petitioner could not pay the instalments on time. The respondent has initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, 'Act'). The petitioner is ready to pay the outstanding amount in equated monthly instalments and close the loan account. Hence, the writ petition.

(3.) Heard; Sri.Nirmal V.Nair, the learned counsel appearing for the petitioner and Sri.C.Ajith Kumar, the learned counsel appearing for the respondent.