VINODH MADAN MOHAN, AGED 36 YEARS, S/O. MOHAN, VADAKKEMADOM, PERUVARAM, NORTH PARAVUR, ERNAKULAM DISTRICT Vs. AUTHORISED OFFICER (CHIEF MANAGER), BANK OF INDIA, ZONAL OFFICE, KALOOR TOWERS, KALOOR KADAVANTHRA ROAD, KALOOR, ERNAKULAM

JUDGEMENT

(1.) Petitioner has approached this Court being faced with proceedings initiated by the respondent Bank under the SARFAESI Act.

(2.) Petitioner availed a hypothecated cum-loan facility for Rs. 11,50,000.00 from the respondent Bank for purchasing a Honda City car. The vehicle is the only secured asset for the said loan. The petitioner could not repay the monthly instalments in time on account of certain financial difficulties. In the meantime, proceedings had been taken by the respondent Bank under the SARFAESI Act. Apprehending that the Bank will take possession of the vehicle, this writ petition is filed.

(3.) Learned counsel for the petitioner submits that the petitioner is ready and willing to pay the outstanding dues in instalments and will also pay the regular instalments, if some time is granted.