Deepa. C vs Bank Of Baroda

C.S.Dias, J

The writ petition is filed to direct the respondents to permit the petitioner to pay off the overdue amount in equated monthly instalments and regularise the loan account.

The petitioner’s case is that, she had availed financial assistance from the first respondent – Bank to purchase a motor vehicle. Due to unforeseen circumstances, she could not pay the instalments on time. The second respondent has issued Ext P2 notice invoking the provisions of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The petitioner is prepared to pay off the overdue amount in instalments. Hence, the writ petition.

Heard;  Sri.  P R.Jayasankar,  the  learned counsel appearing for the petitioner and Smt. P R. Rema, the learned standing counsel appearing for the respondents.

Smt. P R. Rema, on instructions, submitted that as on today, the overdue amount is Rs.1,73,500/-The first respondent is willing to permit the petitioner to pay off the overdue amount in 30 days from today. The said submission is recorded.

The learned counsel appearing for the petitioner submitted that the petitioner is ready to accept the above offer.

Having considered the pleadings and materials on record, and in the light of the submission made by the learned counsel appearing for parties, to provide the petitioner one last opportunity, I am inclined to exercise the powers of this Court under Article 226 of the Constitution of India and dispose of the writ petition.

Resultantly, I dispose of the writ petition in the following manner:

(i) The respondents are directed to defer further proceedings pursuant to ExtP1, to enable the petitioner to pay off the overdue amount in instalments.

(ii) The petitioner is permitted to pay the overdue amount as stated above with future interest and cost to the first respondent – Bank on or before 20.07.2023 along with regular EMIs.

(iii) Needless to mention, if the petitioner commits default in respect of any of the conditions ordered above, she will lose the benefit of this judgment and the respondents would be at liberty to proceed with recovery proceedings from the stage it presently stands.

(iv) It is made clear that, no further application for modification/extension of time shall be entertained.