SEENATH P. K. Vs. UNION BANK OF INDIA

JUDGEMENT

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

(2.) The petitioner had availed financial assistance from the respondent ' Bank - by creating an equitable mortgage. Due to unforeseen circumstances, the petitioner could not pay the instalments on time. The respondent has initiated proceedings against the secured asset under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act (in short, 'Act'). The petitioner is ready to pay the overdue amount in equated monthly instalments. Hence, the writ petition.

(3.) Heard; Sri. Muhammed Shafi M., the learned counsel appearing for the petitioner and Sri.A.S.P.Kurup, the learned counsel appearing for the respondent.