The petitioner is aggrieved by the proceedings taken by the respondent Bank under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (for short “SARFAESI Act” only). Admittedly, the petitioners have availed of a loan from the respondent Bank which was defaulted. On the proceedings being initiated under the SARFAESI Act, the petitioners were before the Debt Recovery Tribunal with a securitisation application in which a stay was granted on condition. The condition imposed by the Tribunal was not satisfied, and the petitioner was before this Court, in a writ petition. The said writ petition was disposed of by Ext.P3 wherein this Court had granted a stay on condition of satisfaction of the entire dues in eight monthly installments starting from 25.04.2013. The specific undertaking of the petitioners that the application for securitisation would be withdrawn was also recorded. 2. The learned counsel for the respondent Bank WPC.No.14070/2014 : 2 :
submits that they have failed to comply with the undertaking given before this Court in Ext.P3 and securitisation application was still pending. Subsequent to that the petitioners case was referred to Lok Adalath, wherein again, the prayer for installment was allowed as indicated in Ext.P4. However, the said condition also has not been complied with. The petitioner is before this Court again claiming installments. In the circumstances explained above, the petitioner cannot claim any equity invoking the extra ordinary jurisdiction conferred under Article 226, nor is this Court inclined to grant any prayer made by the petitioners herein.
Writ petition dismissed with no costs.
Sd/-
(K. VINOD CHANDRAN, JUDGE) jma //true copy// P.A to Judge