HARIDAS NARAYANA PILLAI Vs. GIC HOUSING FINANCE LIMITED

JUDGEMENT

(1.) The petitioner, who has availed financial assistance from the 1st respondent-GIC Housing Finance Limited on 7/12/2004 for ?73 lakhs, seeks to direct the respondents to provide a One Time Settlement facility to the petitioner to enable the petitioner to clear off the entire dues to the Bank.

(2.) The petitioner states that in the year 2017 the 1st respondent initiated Sec. 13(2) proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner then filed W.P.(C) No.23896/2017 and this Court as per judgment dtd. 7/8/2017 directed the petitioner to remit the overdue amount in instalments. The petitioner could not remit the amount as directed by this Court.

(3.) The respondents thereupon resumed SARFAESI proceedings and symbolic possession of the secured asset was taken by the respondents. The petitioner, however, continued to reside in the residential building. The petitioner approached the respondents and requested for time for clearing the loan amount. The petitioner intended to clear the loan amount selling one of his properties located in Changanassery.