SIYAVUL RAHMAN P.T. Vs. SOUTH INDIAN BANK

JUDGEMENT

(1.) The present writ petition under Article 226 of the Constitution of India has been filed for a writ of mandamus directing the respondent Bank to allow the petitioner to regularize the loan account of the petitioner or settle the account within a reasonable time.

(2.) The petitioner had availed the facility of Overdraft with a limit of Rs.2.00 crores. After availing the said Overdraft limit, the petitioner has defaulted in making the repayment. The Overdraft account of the petitioner was declared NPA on 29/8/2022. As of 24/8/2023, the total outstanding was Rs.1,40,44,000.00. The Bank initiated SARFAESI proceedings for the realization of the Overdraft amount and took possession of the secured asset on 22/6/2023. The Bank has, however, not proceeded with the sale of the said property till date.

(3.) The learned Counsel for the Bank fairly submits that let the petitioner approach the Bank within a period of ten days from today for a One-Time Settlement of the outstanding dues. The Bank will take an appropriate decision within two weeks thereafter. For a period of one month, the secured asset will not be put on sale.