IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 5033 of 2008(Y)
1. P.X.BENNY,S/O.XAVIER
... Petitioner
Vs
1. STATE BANK OF TRAVANCORE,
... Respondent
For Petitioner :SRI.R.ANILKUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :15/02/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C)NO. 5033 OF 2008
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DATED THIS THE 15TH DAY OF FEBRUARY 2008
JUDGMENT
The petitioner against whom the proceedings have been
initiated under the Securitization and Reconstruction of Financial
Assets & Enforcement of Security Interest Act, 2002 has filed this
writ petition challenging the said proceedings. The standing
counsel for the Bank submits that the petitioner is a cronic
defaulter and if at all the request made by the petitioner that he
intends to settle the liability in three months as any bona fides,
he should prove the same by making a satisfactory deposit
within the shortest time. Counsel for the petitioner seeks one
month’s time for making an initial deposit and I do not think
that this is unreasonable.
Having regard to the submissions made by both sides, I feel
that the petitioner should be given another opportunity to avoid a
distress sale of the properties. Accordingly, I direct that if the
W.P.C. 5033/2008 -2-
petitioner pays one-third of the outstanding amount within three
weeks from today, coercive action against the petitioner shall be
deferred. Thereafter, the petitioner will be given three months
time to liquidate the entire liability. Needless to say that in
case, the petitioner commits default in complying with the
conditions mentioned above, the bank will be free to continue
the action without further notice to the petitioner.
The writ petition is disposed of as above.
ks. ANTONY DOMINIC, JUDGE