BABUSENAN Vs. KERALA STATE CO OPERATIVE 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.

(2.) The petitioner's case is that he had availed a loan from the 1st respondent bank by creating an equitable mortgage. Due to reasons beyond his control, the petitioner could not pay off the EMIs on time. The respondents have initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, 'Act') and are threatening to take physical possession of the secured asset. The petitioner is prepared to pay off the overdue amount in instalments. Hence, the writ petition.

(3.) Heard; Sri. R.T.Pradeep, the learned counsel appearing for the petitioner and Sri. Thomas Abraham, the learned counsel appearing for the respondents.