PRAJITH T.K. Vs. THE DISTRICT COLLECTOR

JUDGEMENT

(1.) Petitioner has approached this Court, challenging proceedings initiated by the respondent Bank under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 for recovery of the amounts due from the petitioner.

(2.) During the course of hearing, petitioner has confined the relief to an opportunity for repaying the overdue amount in instalments and to obtain regularisation of the loan account.

(3.) It was submitted on behalf of the respondent bank that the petitioner availed a housing loan from the respondent bank and committed default in repayment and the overdue amount, as on 17/1/2025, would come to Rs.3,55,000.00 (Rupees Three lakhs and fifty five thousand only). It was further submitted that though proceedings for recovery have been initiated, as a matter of indulgence, the respondent bank is willing to accept repayment of the overdue amount in limited instalments and regularise the loan account. Learned Standing counsel also submits that possession of the secured asset of the petitioner has already been taken by the authorised officer and while the bank has no objection in regularizing the loan account, the petitioner may be directed to pay a substantial amount towards the overdue amount for restoration of possession.