IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 24537 of 2008(U)
1. ANSALAN, S/O. KARUNAKARAN NADAR,
... Petitioner
2. VINUKUMAR, S/O. -DO-,
Vs
1. AUTHORISED OFFICER, THIRUVANANTHAPURAM
... Respondent
2. THE MANAGER,
For Petitioner :SRI.R.T.PRADEEP
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :13/08/2008
O R D E R
THOTTATHIL B. RADHAKRISHNAN, J.
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W.P.(C) NO. 24537 OF 2008 (U)
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Dated this the 13th day of August, 2008
J U D G M E N T
Heard the learned counsel for the petitioners and the
learned counsel for the respondents.
2. Petitioners are brothers, who availed two consumption loans
of Rs.2,00,000/- each by mortgaging the same item of property.
The outstandings have grown to be more than Rs.8,00,000/- by
now. The bank has issued a demand notice. Hence, this writ
petition.
3. The transaction is not disputed. The creation of the security
interest cannot be impeached. The total outstandings cannot be
denied. Under such circumstances, I do not find any jurisdictional
error or legal infirmity in the impugned distress action.
W.P.(C) No.24537/2008
– 2 –
Since the bank has only issued the official notice under the
SARFAESI Act, as of now, if the petitioner deposits a total amount
of Rs.2,00,000/- within a period of two weeks and a further
amount of Rs.1,00,000/- within a period of one month therefrom,
the bank will consider the request of the petitioner for deferring
further proceedings under the SARFAESI Act and to grant any
ameliorative benefits as may be available, and the repayment of
further amounts will be in terms of the decision of the bank, as
directed above. This writ petition is ordered accordingly.
THOTTATHIL B. RADHAKRISHNAN,
JUDGE
skr/14/8