SUGADEVAN K. Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The petitioner has approached this Court aggrieved by the coercive proceedings for recovery of financial advance made by the State Bank of India 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 Rs.35,11,000.00 to the petitioner's son as Housing Loan in the year 2022. The petitioner states that his son died on 25/7/2023 and though the petitioner made remittances promptly during the initial repayment period of the financial advance, he 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.