GINU VARGHESE Vs. KERALA STATE COOPERATIVE BANK

JUDGEMENT

(1.) The petitioner has availed a cash credit on 12/8/2014 from the 1st respondent/Kerala State Co-operative Bank ' Veliyam Branch of the then Kollam District Co-operative Bank. Due to acute financial stringency, there was a temporary shortfall in the repayment, notice under Sec. 13(2) of the SARFAESI Act was issued by the respondent/Bank. Even after the issuance of notice under Sec. 13(2), since there was no payment, and notice under Sec. 13(4) was issued for taking possession of the property.

(2.) The learned Standing Counsel for the respondents, on instructions, submits that as of today, the total outstanding amount comes to Rs.1,60,13,598.00.

(3.) The counsel for the petitioner seeks indulgence of this court to grant 15 installments to wipe off the overdue amount.