SUDHEESH A Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) Petitioner, who has availed a housing loan and a top up loan from the State Bank of India (the Bank), has not remitted the instalments of the loans 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 petitioner. 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 loans by 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 overdue in the loan accounts. 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 accounts in convenient instalments.