RAJESH K. G. Vs. UCO BANK

JUDGEMENT

(1.) The writ petitions are filed to direct the respondents to permit the petitioners in the two writ petitions to pay off the overdue amount in equated monthly instalments and regularise the loan accounts.

(2.) The petitioners in the two writ petitions are husband and wife. They had availed financial assistance from the first respondent ' Bank ' by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond their control, they could not pay the instalments on time. The respondents have now proceeded against the secured asset of the petitioners under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short 'Act'). The petitioners are prepared to pay off the overdue amount in instalments. Hence, the writ petition.

(3.) When the writ petitions came up for consideration on 20/2/2023, this Court passed a conditional order and directed the petitioners to submit a proposal before the Bank for settlement of the dues. The first respondent was directed to consider the application to extend the One Time Settlement(OTS) scheme to the petitioners, subject to the condition that they deposit an amount of Rs.5,00,000.00.