YUNUS KUTTY Vs. AUTHORIZED OFFICER, INDIAN OVERSEAS BANK

JUDGEMENT

(1.) The writ petition is filed to quash the order passed on Ext.P5 representation submitted by the petitioner.

(2.) The petitioner had availed financial assistance from the 2nd respondent bank by creating an equitable mortgage. Due to unforeseen circumstances, he could not pay the installments in time. The bank has proceeded against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short, 'SARFAESI Act'). By Ext.P4 judgment, this Court had directed the bank to consider the proposal submitted by the petitioner for a One time Settlement Scheme. Despite the direction, the respondents have rejected the proposal. The action of the respondents is illegal and arbitrary. Hence, the Writ Petition.

(3.) Heard; Sri. Binu George, the learned Counsel appearing for the petitioner and Sri.Sunil Sankar, the learned Counsel appearing for the respondents.