ABDUL SAMAD Vs. SALEENA BEEVI

JUDGEMENT

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

(2.) The petitioners' case is that they had availed financial assistance from the first respondent - Bank - by creating an equitable mortgage by deposit of title deeds. Due to the COVID-19 pandemic and other financial conditions, they could not pay the instalments on time. The respondents have initiated proceedings against the secured asset by 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 petitioners are willing to pay the entire outstanding amount in equated monthly instalments and close the loan account. Hence, the writ petition.

(3.) Heard; Sri.S.Shanavas Khan, the learned counsel appearing for the petitioners and Sri.Paulochan Antony, the learned counsel appearing for the respondents.