Loan regularisation by repayment negates need for judicial adjudication.

JUDGMENT

The petitioner is a co-borrower in respect of a term loan (housing loan) of ₹40,00,000/- availed in the year 2015. The repayment of the loan was secured by creation of a security interest over immovable property having an extent of 4.05 Ares comprised in Re-Sy. No. 367/1 of Kalloor Village, Mukundapuram Taluk, Thrissur District, more fully described in Sale Deed No. 1194/2000 of Sub Registrar Office, Nellayi, standing in the name of the petitioner. Upon default in repayment, the respondent Bank initiated recovery proceedings under the SARFAESI Act . Aggrieved by the same, the petitioner has approached this Court.

2. When the matter was taken up for consideration today, the learned counsel for the respondent submitted that the overdue amount due to the Bank has been remitted and that the loan account has been regularised, having been upgraded from the status of a Non-Performing Asset. The learned counsel for the petitioner submitted that the petitioner is ready to continue payment of the regular instalments.

In view of the above, there is no further dispute requiring adjudication, and accordingly, this writ petition stands closed.

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