SURESH KUMAR H.B. Vs. INDIAN OVERSEAS BANK, REPRESENTED BY ITS AUTHORIZED OFFICER/CHIEF MANAGER, REGIONAL OFFICE, PULIMOOD, STATUE, THIRUVANANTHAPURAM

JUDGEMENT

(1.) The petitioner, who had availed of a vehicle loan from the respondent bank, defaulted in repayment of the same. Consequently, the respondent bank initiated proceedings under the Securitisation and Reconstructions of Financial Assets and Enforcement of Security Interest Act, 2002, hereinafter referred to as the 'SARFAESI Act', to recover the loan amounts. Ext.P1 is the notice issued by the Advocate Commissioner. It is submitted by the learned counsel for the respondent bank that the petitioner had also availed other vehicle loans from the same bank and he has defaulted in the said loans also, and therefore, the secured asset (an Ashok Leyland Viking Bus bearing registration No.KL 19 C 3002) in the instant loan will also be the subject matter of a general lien exercised by the respondent bank in relation to the other loans advanced to the petitioner. In the writ petition, the petitioner impugns the steps initiated by the respondent bank for recovery of the loan amounts.

(2.) I have heard the learned counsel for the petitioner and the learned Standing Counsel appearing on behalf of the respondent bank.

(3.) On a consideration of the facts and circumstances of the case and the submissions made across the bar, I note that the sole prayer of the petitioner is to permit him to remit the balance amounts outstanding to the bank in easy instalments. Taking into account the plea of financial hardship raised by the petitioner, I dispose the writ petition with the following directions:-