J U D G M E N T

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The petitioner, who has availed a loan from the State Bank of India, is challenging Ext.P2 communication cancelling a compromise settlement and seeking to direct the respondent to extend OTS Scheme allowed to the petitioner as per Ext.P1.

2. The petitioner availed a loan from the State Bank of India. The petitioner could not repay the loan promptly. The Bank therefore issued Section 13(2) notice under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. Thereafter, the Bank filed MC No.41/2019 in the Chief Judicial Magistrate's Court, Pathanamthitta seeking aid to take over physical possession of the secured asset. The Court appointed an Advocate Commissioner. The Advocate Commissioner issued a notice dated 30.03.2019 to the petitioner.

3. The petitioner in the meanwhile approached the Bank with an offer for compromise settlement. The respondent-Bank accepted the compromise proposal and the loan accounts were agreed to be settled for a total amount of ₹75 lakhs as per Ext.P1.

4. As per Ext.P1, the petitioner has to pay the remaining amount of ₹63.75 lakhs at the earliest. The petitioner states that