High Court Kerala High Court

C.R.Roy vs The Life Insurance Corporation … on 17 June, 2008

Kerala High Court
C.R.Roy vs The Life Insurance Corporation … on 17 June, 2008
       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 31876 of 2006(T)


1. C.R.ROY, 'JANANI NIVAS',
                      ...  Petitioner
2. MRS.J.JANAKI, 'JANANI NIVAS',

                        Vs



1. THE LIFE INSURANCE CORPORATION HOUSING
                       ...       Respondent

2. THE AREA MANAGER,

3. THE DISTRICT COLLECTOR,

                For Petitioner  :SRI.GEORGE JACOB (JOSE)

                For Respondent  : No Appearance

The Hon'ble MR. Justice S.SIRI JAGAN

 Dated :17/06/2008

 O R D E R
                                S.SIRI JAGAN, J
                         = = = = = = = = = = = = = = = =
                          W.P.(C).No. 31876 OF 2006
                             = = = = = = = = = = = = =
                     Dated this the 17th day of June, 2008.

                                 J U D G M E N T

Petitioners are challenging proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002. At the time of

admission, this Court passed the following interim order on

1.12.2006.

“……………. There will be stay against
enforcement of Ext.P1 proposal for taking over and sale
of petitioners’ building for two months on petitioner
remitting rs.50,000/- within six weeks from now.
Petitioner will make specific proposal for payment of
balance amount for this to consider the same after
making payment as above within six weeks”.

The said interim order was modified on 1.3.2007 as follows:

“Interim stay extended for six months on condition
that the petitioner deposits at the rate of Rs.7,000/- per
month”.

This interim order was being extended from time to time.

2. Now, that there is an order permitting the petitioner

to pay at the rate of Rs.7,000/- per month, I feel that the writ

petition itself can be disposed of in terms of that order,

W.P.(C).No. 31876 OF 2006 2

permitting the petitioner to continue paying at the rate of Rs.

7,000/- per month until the entire amounts are paid off.

However, the counsel for the petitioner would submit that the

petitioner has certain dispute regarding the adjustments of

amounts already paid and he also claims benefit of one time

settlement scheme. In the above circumstances, this writ

petition is disposed of with the following directions:

The petitioner shall continue to pay at the rate of

Rs.7,000/- per month until the entire dues are completely wiped

off. In the meantime, within a period of one month from the

date of receipt of a copy of this judgment, the 2nd respondent

shall issue to the petitioner a statement of account giving all

details of calculation of interest and adjustments of amounts paid

by the petitioner. it would be open to the petitioner to file

objections to the said statement of account which shall be

considered by the 2nd respondent and if any of the objections are

accepted appropriate deductions shall be made in the amount

payable. If the petitioner files an application for the benefit of

one time settlement scheme, it shall be considered by the

W.P.(C).No. 31876 OF 2006 3

respondents 1 and 2, if a scheme for one time settlement is

currently in force and pass appropriate orders thereon. If the

petitioner is given the benefit of one time settlement scheme, if

any, the balance amount due shall also be adjusted accordingly.

However, in the case of granting benefits of one time settlement

scheme, payment of the balance amount shall be in accordance

with the conditions of such order on the application for one time

settlement and not in installments of Rs.7,000/- as directed

above. If the petitioner pays the installments on the first

working day of every month, further coercive proceedings shall

be kept in abeyance. However, if the petitioner commits default

in payment of any one installment, or as per the order under the

one time settlement scheme, if any, it would be open to the

respondents to continue proceedings under the Act, without

having to issue any fresh notice or proceedings in that regard.

S.SIRI JAGAN, JUDGE

bkn/-