SHAREENA ABOOBACKER Vs. THE MALAPPURAM DISTRICT

JUDGEMENT

(1.) Petitioner is a surety to a loan of Rs.5,00,000/- availed by her husband from the Malappuram District Co- operative Bank Limited (the Bank). The borrower has not remitted the instalments of the loan as agreed. Consequently, proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (the Act) have been initiated by the Bank against the secured asset. 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 instalments of the loan by her and the borrower was due to reasons beyond their control and not wilful and that if a reasonable time is granted, the petitioner is prepared to liquidate the overdue in the loan account. In other words, submission of the learned counsel for the petitioner was only for indulgence of this Court to permit the petitioner to pay the overdue in the loan account in convenient instalments.