JUDGMENT

Petitioners have approached this Court challenging Securitisation proceedings initiated against the petitioners under the provisions of the SARFAESI Act in respect of a cash credit facility availed by the petitioners for business purposes.

2. The learned counsel for the petitioners submits that petitioners had suffered loss in his business and therefore could not service the loan at the appropriate time and the outstanding amount is Rs.13,54,517-(Rupees thirteen lakhs fifty four thousand five hundred and seventeen only) as on 18.04.2022. It is submitted that if the petitioners are granted an instalment facility, they will be in a position to clear out the entire liability.

3. The learned Standing Counsel appearing for the Bank submits that since the loan is a cash credit facility, the petitioners cannot seek regularization of the loan and the entire amount has to be remitted.

4. Taking note of the submissions of the learned counsel for the petitioners and the learned Standing Counsel for the respondents 1 and 2, this writ petition is disposed of directing the respondent Bank to accept repayment of the entire outstanding amount of Rs.13,54,517-(Rupees thirteen lakhs fifty four