RAGHUNATH.K.V Vs. STATE BANK OF INDIA

JUDGEMENT

(1.) The petitioners concede that the first among them had availed certain amounts under a loan facility from the respondent-bank and contends that they were willing to pay off the balance outstanding therein as early as on 23.6.2017, when the amount due from them was only Rs.10,53,960/-.

(2.) The petitioners allege that when they approached the bank for payment of this amount, they were informed that the title documents of the mortgaged property had been lost and, therefore, that they were unable to make payment and therefore, that they asked the bank to locate the title documents and inform them so that they could then pay off the outstandings and have the loan settled. The petitioners allege that the bank did not do so and that as matters stand even today, the loan liability could not be paid off and since the bank has not been able to trace their title documents.

(3.) Even though the afore assertions have been made in the pleadings on record, Sri.Shyam Padman, the learned counsel appearing for the petitioners, submitted today that his clients are wiling to pay off the entire loan liability in the account under protest, without prejudice to all their claims and remedies against the bank on the strength of the contentions raised in this writ petition, so that the account can be closed. He says that his clients have been constrained to make such request because otherwise the amounts in the loan account would get further escalated and because any further recovery action by the bank would become unbearable.