R. KAMALAKANNAN Vs. BANK OF INDIA

JUDGEMENT

(1.) The petitioner admittedly availed financial assistance from respondent Bank by creating a security for the landed property measuring an extent of 1134 sq.ft in Plot No.26-1A, Door No.13/20, Nethaji Street, Gandhi Nagar, Madipakkam, Chennai 600 091 and superstructures therein. It appears that the petitioner had committed default in payment of dues and therefore, action was initiated by the respondent/Bank under the provisions of the Securitisation of Financial Assets and Enforcement of Security Interest Act, 2002, Act [in short "SARFAESI Act"] by issuing a Sale Notice dated 03.06.2020. The petitioner made a challenge to the said notice by filing a SARFAESI Application in S.A.No.98 of 2020, before the Debt Recovery Tribunal-II Chennai (in short "DRT") and prayed for stay of further proceeding of the said Notice. The DRT has passed a conditional order of stay on 13.07.2020. The petitioner due to present COVID-19 pandemic, was unable to comply with the said orders. The petitioner citing the said reasons also submitted a representation dated 22.07.2020, requested the respondent to accept his application for One Time Settlement scheme and since the said representation has not been disposed of, in the meanwhile, the Bank also proceeded further and issued another Sale Notice dated 20.07.2020 and hence the petitioner came forward to file this Writ Petition.

(2.) The Writ Petition was entertained and this Court has passed a conditional order of stay on 25.08.2020 and subsequently extended the period of stay on 08.09.2020.

(3.) The matter is listed today. It is represented by the learned counsel appearing for the petitioner that due to the difficult financial situation on account of the thick spread of COVID-19, we could not able to comply with the conditional order. It is suffice to direct the respondent/Bank to consider and dispose of his representation/application for One Time Settlement Scheme.