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IN THE HIGH COURT OF KERALA AT ERNAKULAM
P. V. Balakrishnan, J
P. Unni – Appellant
Versus
Kerala State Co-operative Bank Ltd – Respondent
| Table of Content |
|---|
| 1. challenge against coercive recovery actions under the sarfaesi act. (Para 1) |
| 2. agreement between parties for repayment of overdue amounts in installments. (Para 2 , 3 , 4) |
| 3. judicial authorization of a structured repayment plan to avoid foreclosure. (Para 5 , 6) |
JUDGMENT
It is aggrieved by the coercive action taken by the respondent under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as the ‘SARFAESI Act', for short), this writ petition has been preferred by the petitioner.
2. Heard the learned counsel for the petitioner and the learned counsel for the respondent.
3. The learned counsel for the petitioner submits that an opportunity may be given to the petitioner to clear the entire overdue amount in installments.
4. The learned counsel for the respondent submitted that the bank has no objections in permitting the petitioner to clear the entire overdues with interest, by way of installments and regularise the loan account since, the same is only beneficial to it. He also submitted that the total overdue amount as on today is Rs.5,60,022/- (Rupees Five Lakhs Sixty
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