Benson Navatharakan vs Authorised Officer/Chief … on 11 August, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 17017 of 2008(A)


1. BENSON NAVATHARAKAN, AGED 58,
                      ...  Petitioner

                        Vs



1. AUTHORISED OFFICER/CHIEF MANAGER,
                       ...       Respondent

2. NAGENDRAN PILLAI, MANAGER, FEDERAL

3. YESUDASN, JUSTIAN COTTAGE,

                For Petitioner  :SRI.R.T.PRADEEP

                For Respondent  :SRI.GEORGE VARGHESE (MANACHIRACKEL)

The Hon'ble MR. Justice S.SIRI JAGAN

 Dated :11/08/2008

 O R D E R
                       S.SIRI JAGAN, J
                ==================
                 W.P(C)No.17017 of 2008
                ==================
        Dated this the 11th day of August, 2008.

                       J U D G M E N T

The petitioner challenges proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002 initiated by the

1st respondent for recovery of loan amounts due from the

petitioner to the Federal Bank. However, the petitioner does

not dispute the liability or the quantum. The petitioner only

seeks sometime to pay off the amount.

The 1st respondent has already taken possession of the

property pursuant to the proceedings under the Act. But by

order dated 16.6.2008, I directed the bank to hand over the

possession to the petitioner on paying Rs. 2 lakhs. It is

submitted that the amount has now been paid and

possession has been handed over to the petitioner.

Petitioner seeks six more months time to pay off the balance

amount due. This is opposed by the Counsel for the bank.

W.P(C)No.17017 of 2008 – 2 –

However, taking a lenient view, I dispose of this writ

petition with a direction to the petitioner to pay the balance

amount due in six equal monthly instalments starting from

1.9.2008. Every subsequent instalment shall be paid on the

1st working day of every succeeding month. If the petitioner

pays the instalments also on the due dates further

proceedings under the Act shall be kept in abeyance.

However, if the petitioner commits default in payment of

any one of the instalments, it is open to the respondent to

resume possession from the petitioner and continue

proceedings under the Act as now initiated without having

to issue any further notice or proceedings in that regard. If

the petitioner commits default in payment of any one of the

instalments, the petitioner shall voluntarily surrender

possession of the security interest to the bank on demand,

failing which it would be open to the 1st respondent to move

this court for contempt of court. In the meanwhile the bank

shall consider petitioner’s Ext.P4 application for one time

W.P(C)No.17017 of 2008 – 3 –

settlement and pass appropriate orders thereon within one

month and communicate the decision to the petitioner. If

the petitioner seeks waiver of any agricultural loan as per

the Agricultural Debt Waiver Scheme of the Central

Government, the respondent shall consider that also in

accordance with the scheme applicable.

The writ petition is disposed of as above.

S.SIRI JAGAN, JUDGE

rhs