DEEPAK S. Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The writ petition is filed to direct the respondents to permit the petitioners to pay off the overdue amount in instalments and regularise the loan account.

(2.) The petitioners' case is that, they had availed cash credit facilities from the first respondent ' Bank ' by creating an equitable mortgage by deposit of title deeds. Due to unforeseen circumstances, they could not pay the instalments on time. The Bank has initiated proceedings under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and is proceeding against the secured asset. The petitioners are willing to pay the overdue amount in instalments and regularise the loan account. Hence, the writ petition.

(3.) Heard; Sri.V.Philip Mathew, the learned counsel appearing for the petitioners and Sri.Tom K.Thomas, the learned Standing Counsel appearing for the respondents.