SUDHEEENA Vs. INDIAN OVERSEAS BANK

JUDGEMENT

(1.) Petitioner is the guarantor to the credit facility extended by Indian Overseas Bank (the Bank) to her husband in connection with his business. The petitioner has also mortgaged an item of property owned by her to secure the repayments of the said credit facility. The husband of the petitioner committed default in remitting the dues to the Bank in respect of the facility. The Bank, therefore, initiated proceedings against the property mortgaged by the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act). It is alleged that a Commissioner has been appointed to take physical possession of the property in the proceedings initiated by the Bank under Section 14 of 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.) It is seen that earlier when possession notice has been issued by the Bank under Section 13(4) of the Act, the husband of the petitioner filed W.P.(C).No.34874 of 2015 seeking indulgence of this Court for remitting the dues in instalments and this Court permitted the husband of the petitioner to remit the dues in instalments.