RAMAKRISHNAN PILLAI Vs. THE AUTHORISED OFFICER

JUDGEMENT

(1.) Petitioner availed a term loan from Kollam District Co-operative Bank Limited (the bank). It is stated that the account of the said loan has been classified by the bank as non-performing asset and proceedings have been initiated against the security for realization of the outstanding in the loan account, under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act , 2002 (the Act). It is stated that in furtherance to the said proceedings, the property mortgaged by the petitioner to the Bank is brought to sale in terms of Ext.P6 notice. Ext.P6 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 dues 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 outstanding in the account.