SREEKUMAR Vs. THE AUTHORISED OFFICER CANARA BANK

JUDGEMENT

(1.) Petitioner has been enjoying a cash credit facility from the Mavelikkara Branch of the Canara Bank(the bank). In addition, he has also availed a housing loan from the said bank. It is stated that the petitioner has not operated the account of the cash credit facility in accordance with the terms and conditions agreed upon. Likewise, there was default in remitting the instalments of the housing loan. The bank, in the circumstances, initiated proceedings under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (the Act) against the common security. The said proceedings are under challenge in the writ petition.

(2.) Heard the learned counsel for the petitioner as also the learned counsel for the first respondent bank.

(3.) When the matter was taken up, the learned counsel for the petitioner submitted that it is on account of reasons beyond the control of the petitioner that he could not operate the cash credit facility in accordance with the terms and conditions as agreed upon. It is also pointed out that it is on account of the very same reason that he could not remit the instalments of the housing loan also. It is submitted by the learned counsel that if a reasonable time is granted, the petitioner is prepared to liquidate the outstanding in the cash credit account and the overdue in the housing loan account.