SHIBU Vs. THIRUVANANTHAPURAM DISTRICT CO-OPERATIVE BANK LIMITED

JUDGEMENT

(1.) The petitioner and his wife have availed a loan from the respondent-Bank. They have created an equitable mortgage in respect of the property with the Bank. However, due to acute financial crisis in the family, were disabled to pay off the monthly instalments as agreed.

(2.) The respondent-Bank has issued Section 13(2) Notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act ('the SARFAESI Act ' for brevity) to take possession of the property. The Chief Judicial Magistrate's Court, Thiruvananthapuram, as per order dated 29.09.2012, in M.C.No.1145/2019 has issued Ext.P1 notice and appointed an Advocate Commissioner to take physical possession of the property.

(3.) The petitioner seeks only a limited prayer, to pay off the outstanding amounts in monthly instalments.