IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 34968 of 2007(K)
1. BIJU S., AGED 33 YEARS, S/O. SASIDHARAN
... Petitioner
Vs
1. THE BRANCH MANAGER,
... Respondent
2. THE AUTHORISED OFFICER,
For Petitioner :SRI.J.JAYAKUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :27/11/2007
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO.34968 OF 2007 K
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Dated this the 27th day of November, 2007
J U D G M E N T
Proceedings initiated against the petitioner by the
respondent Bank under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, 2002
is under challenge.
2. Although, I do not find any irregularity in the action of
the Bank in initiating the proceedings or approaching the Chief
Judicial Magistrate for an order under Section 14 of the Act, still
as offered by the Bank, I am inclined to direct that the petitioner
be permitted to pay the amount that is due in instalments. It is
submitted that presently the amount that is due is more than
Rs.1,78,000/-.
Taking into account the above, I dispose of this writ petition
directing that the petitioner be permitted to pay off the liability in
10 equal monthly instalments commencing from 1st of January
2008 and the balance instalments will be payable on the 1st of
every succeeding month. If the petitioner pays the amount as
WPC 34968/07
: 2 :
ordered herein above, further proceedings pursuant to the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 should not be
continued and if default is committed, respondents will be free to
proceed, without further notice.
ANTONY DOMINIC, JUDGE
Rp