SOUMYA S. Vs. LIGIN K.V.

JUDGEMENT

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

(2.) The petitioners' case is that they had availed a Kisan Credit Card facility from the respondent - Bank for an amount of Rs.27,00,000.00 in the year 2017. Subsequently, they had also availed another loan for an amount of Rs.3,00,000.00. They offered their residential property as collateral security by deposit of title deeds. Due to the Covid-19 pandemic, they could not pay the instalments on time. The respondent has now proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act,2002 (in short, 'Act') threatening to take physical possession of the secured asset. The petitioners are willing to pay off the overdue amount in instalments and regularise the loan account. Hence, the writ petition.

(3.) Heard; Sri.Naveen Radhakrishnan, the learned counsel appearing for the petitioners and Smt.R.Rema, the learned standing counsel appearing for the respondent.