ABOOBACKER Vs. CHERPALCHERI CO OPERATIVE URBAN BANK LTD

JUDGEMENT

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

(2.) The petitioner's case is that he had availed financial assistance from the first respondent ' Bank ' by creating an equitable mortgage by deposit of title deeds. Due to reasons beyond his control, he could not pay the instalments on time. The respondents have initiated proceedings against the secured asset invoking the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 ( in short, 'Act') and are threatening to take physical possession of the secured asset. The petitioner is willing to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

(3.) Heard; Sri.P.Jayaram, the learned counsel appearing for the petitioner and Sri.Jayaraj.M, the learned counsel appearing for the respondents.