Afroz Begam & Another vs Canara Bank & Another

Manoj Kumar Tiwari, J

Petitioners are borrowers, who had defaulted in repayment of loan. Canara Bank /respondent no. 2 has initiated coercive measures for recovery of the outstanding loan amount against the petitioners in terms of the provisions contained in Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Learned counsel for the petitioners submits that total outstanding in the loan account of the petitioners is ₹3.50 lakh, which, according to him, shall be repaid by the petitioners within six months.

Mr. Ashish Joshi, learned counsel for the Bank submits that if petitioners make an offer to the Competent Authority in the Bank, the same shall be considered and appropriate order shall be passed at the earliest.

Having regard to the aforesaid facts of the case, the writ petition is disposed of with liberty to the petitioner to approach the Competent Authority in the Bank by making representation. If such a representation is made within one week from today, the Competent Authority in the Bank shall consider petitioner's offer and take appropriate decision, in accordance with law, within two weeks thereafter.