DIJOE DARVIN AND OTHERS Vs. INDUSIND BANK LIMITED RAMA BHAVAN, PARUTHELI PALAM, TOLL JUNCTION, EDAPALLY, KOCHI.682 024, REPRESENTED BY ITS AUTHORIZED OFFICER

JUDGEMENT

(1.) The petitioners, who had availed a 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.P4 is the mahazar and Ext.P5 is the inventory prepared by the Advocate Commissioner. It is stated that physical possession of the vehicle has already been taken by the respondent bank.

(2.) I have heard the learned counsel appearing for the petitioner as also the learned Standing counsel appearing for the respondent bank. On a consideration of the facts and circumstances of the case and the submissions made across the bar and also taking into account the plea of financial hardship raised by the petitioners, I dispose the writ petition with the following directions:-