LAWS(KER)-2017-11-90

R.KESU @ KASINATHAN Vs. U.C.O BANK

Decided On November 15, 2017
R.Kesu @ Kasinathan Appellant
V/S
U.C.O Bank Respondents

JUDGEMENT

(1.) The son of the petitioner availed a credit facility from the UCO Bank (the Bank). The petitioner is the surety to the said transaction. It is stated that the account of the said credit facility has been classified by the Bank as a non-performing asset and proceedings have been initiated by the Bank against the petitioner and his son for realization of the outstanding in the account under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (the Act). The said proceedings is under challenge in the writ petition.

(2.) Heard the learned counsel for the petitioner as also the learned counsel for the Bank.

(3.) When the matter was taken up, the learned counsel for the petitioner pointed out that non-payment of the dues by the son of the petitioner was due to reasons beyond his control and not wilful and that if a reasonable time is granted, the petitioner is prepared to liquidate the outstanding in the account of the credit facility. The submission of the learned counsel for the petitioner was, therefore, only for indulgence of this Court to permit the petitioner to pay the outstanding in the account of the credit facility in convenient instalments.