ANIL KUMAR Vs. KOTAK MAHINDRA BANK LTD

JUDGEMENT

(1.) Petitioner took a commercial loan of Rs.7.46 lakh from City Financial Consumer India Ltd. (Respondent No. 2) in the year 2007, which was subsequently assigned by lender bank to Kotak Mahindra Bank Ltd. (Respondent No. 1). Since petitioner defaulted in repayment of loan, therefore, respondent no. 1 has initiated recovery proceedings by invoking provision of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (in short "SARFAESI Act" ). Thus, feeling aggrieved, petitioner has approached this Court.

(2.) Mr. Siddhartha Sah, learned counsel appearing for the petitioner submits that petitioner has filed a securitization application before Debts Recovery Tribunal, Dehradun, but on account of vacancy on the post of Presiding Officer, no order has been passed on his application. He further submits that in the month of August, 2021, Competent Authority in the Kotak Mahindra Bank Ltd. had agreed for one time settlement of the loan for Rs.9.00 lakh, but now respondent no. 1 has taken possession of the secured asset on 13/12/2021.

(3.) Learned counsel for the petitioner submits that petitioner is ready and willing to pay the amount as per the one time settlement arrived with Kotak Mahindra Bank Ltd. in the month August, 2021.