(Order of the Court was made by Huluvadi G Ramesh, J) This writ petition has been filed challenging the sale notice issued by the first respondent bank.
2.Heard Mr.V.R.Kamalanathan, learned counsel appearing for the petitioner and Mr.S.Kesavan, learned counsel appearing for the respondents 1 and 2.
3.The petitioner had availed overdraft loan of Rs.3 Crores from the first Respondent Bank on 24.10.2014, for which he mortgaged his property. Since the petitioner failed to repay the said amount, the property mortgaged by the petitioner was declared as NPA in the year 2016.
4.The difficulty pleaded by the petitioner is that due to demonetisation and other aspects they were unable to pay the amount and as such they have come before this Court seeking the relief.
5.In so far as the SARFAESI proceedings against the petitioner is concerned, the petitioner would have approached the Debts Recovery Tribunal or the Bank as the case may be. However, the petitioner straight away approached this Court so as to avoid any further application like auction sale of the property for the upset price, thereby causing hardship and inconvenience to the petitioner. Considering the difficulty pleaded by the petitioner, we granted another 8 weeks time to the petitioner to pay the amount in full quite finally, which is due to the first respondent bank, failing which the first respondent bank is at liberty to proceed against the petitioner in accordance with law.
6.Accordingly, the writ petition is disposed of. No costs. Consequently, W.M.P.No.7674 of 2017 is closed.
1.The Authorised Officer, M/s.Canara Bank, Hosur Main Branch Hosur M.M.Reddy Complex, Hosur-635 109.
2.The Deputy General Manager, M/s.Canara Bank Circle Office Salem, Sarada College Road, Fairlands, Salem 636 016.
3.The Managing Director and Chief Executive Officer, M/s. Canara Bank, Head Office, No.112,J.C.Road, Bangalore 560 002.
HULUVADI G RAMESH, J AND A.D.JAGADISH CHANDIRA, J gr.
W.P.No.7045 of 2017 29.6.2017 http://www.judis.nic.in