C. APPU Vs. AUTHORISED OFFICER , REVENUE RECOVERY CELL

JUDGEMENT

(1.) Petitioners availed a housing loan from the Thiruvananthapuram District Co-operative Bank (the bank). They have not remitted the instalments of the loan as agreed. Consequently, proceedings have been initiated by the bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) for realisation of the outstanding in the loan account. The petitioners are aggrieved by the said proceedings.

(2.) Heard the learned counsel for the petitioners as also the learned counsel for the bank.

(3.) When the matter was taken up, the learned counsel for the petitioners pointed out that non-payment of the instalments of the loan by the petitioners was due to reasons beyond their control and not wilful and that if a reasonable time is granted, the petitioners are prepared to liquidate the overdue in the loan account, so that they can repay the outstanding in the loan account in instalments.