DINESH P.K. AND OTHERS Vs. DISTRICT CO

JUDGEMENT

(1.) The petitioners, who are husband and wife, and had availed of a loan from the respondent bank, defaulted in repayment of the same. It is stated that both the petitioners have defaulted on the respective loan amounts. 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. Exts.P1 and P2 are the notices issued to the petitioners under the SARFAESI Act. In the writ petition, the petitioners impugn the steps initiated by the respondent bank for recovery of the loan amounts.

(2.) I have heard the learned counsel for the petitioners 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 petitioners is to permit them to remit the balance amounts outstanding to the bank in easy instalments. Taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:-