SIVAKUMARI Vs. AUTHORISED OFFICER, THE FEDERAL BANK LTD

JUDGEMENT

(1.) The petitioner has approached this Court aggrieved by the coercive proceedings for recovery of financial advance made by the Federal Bank Limited to the petitioner, invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

(2.) The Bank paid 20 lakhs to the Rs. petitioner and her husband as Home Loan in the year 2013. The petitioner states that though the petitioner made remittances promptly during the initial repayment period of the financial advance, she could not pay the repayment instalments promptly later. The repayment of loan fell into arrears later. It happened due to reasons beyond the control of the petitioner.

(3.) Though the petitioner requested the Bank to permit the petitioner to repay the overdue amounts in easy monthly instalments, the Bank authorities were not yielding. The authorities, instead, started coercive proceedings, invoking the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 and the Security Interest (Enforcement) Rules, 2002 and issued Ext.P2 notice.