PHOOLMANI Vs. STATE OF U P AND ORS

JUDGEMENT

(1.) The petitioner was granted loan of Rs. 2 lakhs by the respondent Bank. According to the petitioner, due to unforeseen circumstances and reasons beyond his control, he could not repay the amount due in time. According to him, prior to default he had regularly deposited the amount with the Bank. Now the Bank is proceeding against the petitioner under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Act") for the realisation of loan amount etc.

(2.) We have heard learned Counsel for the petitioner and Sri R.B. Sahai, learned Counsel for the respondent-Bank and have perused the averments made in the writ petition.

(3.) Learned Counsel appearing for the petitioner states that the petitioner is prepared to repay the entire outstanding dues along with interest and expenses on pro-rata basis in instalments.