IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 21723 of 2008(J)
1. K.SREEKANTH, PROPRIETOR, M/S MAYOORA
... Petitioner
Vs
1. ANDHRA BANK,
... Respondent
2. S.MOHANKUMAR,
3. SREEJAMOL K.S.,
4. VIJU KRISHNAN, K.KRISHNAN,
For Petitioner :SRI.S.M.PREM
For Respondent :SRI.ABRAHAM MATHEW (VETTOOR)
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :21/08/2008
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)No.21723 OF 2008
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Dated this the 21st day of August, 2008
JUDGMENT
The petitioner challenges proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, initiated by the 1st
respondent for recovery of loan amounts due from the petitioner
under a loan, which the petitioner has defaulted repayment of.
However, the petitioner does not dispute the liability to pay or
the quantum. The petitioner confines his prayer for a permission
to pay off the amounts due in instalments. He would also pray
for a direction to the 1st respondent to consider the petitioner’s
claim for settling the loan under the One Time Settlement
Scheme.
2. The learned counsel appearing for the bank would
submit that the petitioner has been given sufficient opportunity to
pay off the amount and the petitioner has not cared to pay the
amount, in spite of several opportunities given. He also submits
that the petitioner has not yet submitted a proposal for One Time
W.P.(c)No.21723/08 2
Settlement also.
3. I have considered the rival contentions in detail.
Despite the objections raised by the 1st respondent, I am of
opinion that the petitioner can be given some time to pay off
the amounts in instalments. Accordingly, the writ petition is
disposed of with the following directions:
The petitioner shall pay an amount of Rs.5 lakhs within
one month from today. The balance amount shall be paid in
six equal monthly instalments starting from 1.11.2008. Every
subsequent instalment shall be paid on the first working day of
every succeeding month. If the petitioner pays the initial
amount of Rs.5 lakhs and the instalments in time without
default, further proceedings under the Act shall be kept in
abeyance. However, if the petitioner commits default in
payment of either the Rs.5 lakhs or any of the subsequent
instalments, it would be open to the respondents to continue
proceedings as now initiated without having to issue any fresh
notice of proceedings in that regard. If the petitioner submits
a proposal for One Time Settlement, the bank shall consider
the same in accordance with the policy and the guidelines
applicable to the bank.
S. SIRI JAGAN, JUDGE
Acd
W.P.(c)No.21723/08 3