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2017 (2) TMI 655 - HC - Indian LawsRegularization of loan account - All the accounts became NPA and therefore, the petitioner became a defaulter - permitting the petitioner to remit the amount which exceeded the sanctioned limit of the credit facilities - Held that:- The amount outstanding is substantial and there is no valid proposal agreed upon by the parties to settle the liability. Even according to the petitioner, there is no proposal to discharge the liability within a short time frame. Therefore, there is no reason why the Bank should be asked to desist from taking any further action under the SARFAESI Act. If interference is made by this Court in this matter, it would definitely hinder the right of the Bank to proceed further. In the interim order dated 9.4.2015, this Court had further observed that if the petitioner commits default in respect of the payments, it will be open for the respondent Bank to bring up the matter for further orders. It is submitted that after paying the amount as directed in the interim order dated 9.4.2015, no steps had been taken by the petitioner to regularise the term loan account by approaching the Bank. This fact has been disputed by the learned counsel for the petitioner, who submits that after paying the aforesaid amount, the petitioner had approached the Bank for regularising the account. Be that as it may, we do not think that this is an instance where this Court should interfere and interfere with the contractual obligations/rights of the parties. Once the account had become NPA, unless there are special circumstances involved in the matter, it may not be possible for this Court to interfere in such contractual obligations and direct regularisation. We do not think that the petitioner has ventilated any grievance which requires interference by this Court, especially, in an instance where huge liability is outstanding.
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