DINA NATH NIRANKARI AND ANR. Vs. ALLAHABAD BANK

JUDGEMENT

(1.) THE Petitioners were granted a term loan of Rs. 3,75,000/ - by the Respondent Bank. According to the Petitioners, due to unforeseen circumstances and reasons beyond their control, they could not repay the amount due in time. According to them, prior to default they had regularly deposited the amount with the Bank. Now the Bank is proceeding against the Petitioners 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 Petitioners and Sri P.N. Tripathi, learned Counsel for the Respondent -Bank and have perused the averments made in the writ petition.

(3.) THE learned Counsel appearing for the Respondent -Bank submitted that although the petition is not maintainable since sufficient opportunity has already been given to the borrower for clearing up the outstanding dues but the Bank has no objection if some indulgence is given by this Court regarding payment of dues in instalments as the bank is interested in realisation of its dues.