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2022 (10) TMI 187 - HC - Indian LawsSeeking extension of time for repayment of outstanding loan - Cancellation of OTS - failure to pay entire outstanding amount together with interest - HELD THAT:- In the present case, it is specifically contended by the petitioner that he is doing real estate business, due to the present COVID- 19 pandemic situation, he sustained loss. However, to clear the loan, he sold the property and received money from the purchaser and deposited the same in the account and paid the entire loan amount including the interest vide his letter dated 28.07.2021. There is only one day delay. Therefore, according to this Court, it is a fit case to extend the time to the petitioner to repay the loan amount. The letters, dated 31-07.2021 and 06.08.2021 issued by 2nd respondent bank are set aside. 2nd respondent bank is directed to receive the said amount of Rs.37,87,567/- (Rs.35,09,995.38ps + interest of Rs.2,77,571.62ps) from the petitioner and close the loan account bearing No. A/c.No.35424522518 of the petitioner - Petition allowed.
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