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Judgment
This matter is taken up through hybrid arrangement (virtual/physical mode).
The Housing Loan amount of Rs.1,61,00,000/-availed on 19.03.2019 with EMIs @ Rs.1,20,000/-was classified as NPA on 10.04.2021 leading to initiation of recovery process under the SARFAESI Act, 2002. Till now symbolic possession of the collateral security has been assumed on 01.12.2021.
At the time of hearing, the simple prayer made is for a direction to upgrade the loan account to a standard account upon deposit of the outstanding installments with contractual interest rate.
Learned counsel for the petitioners states that the petitioners are prepared to deposit a sum of Rs.40,00,000/- (Rupees Forty Lakhs) within one month from today.
Issue notice for 05.09.2022.
Requisites for issuance of notice to Opposite Party by Speed Post/Registered Post with A.D. be filed within three working days.
Upon deposit of the aforesaid amount by the stated time, the Opposite Party shall consider upgrading the account and apprise the Court on the next date of hearing.
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