IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 28863 of 2008(J)
1. LAKSHMI BAI, VAZHAVILA VEEDU,
... Petitioner
Vs
1. AUTHORISED OFFICER, CENTRAL BANK OF
... Respondent
For Petitioner :SRI.M.R.SARIN
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :30/09/2008
O R D E R
THOTTATHIL B. RADHAKRISHNAN, J.
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W.P.(C).No.28863 of 2008-J
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Dated this the 30th day of September, 2008.
JUDGMENT
The petitioner availed a loan from the bank of
which the respondent is the authorized officer.
No repayment was made in time and this has led to
the impugned action under the SARFAESI Act. The
transaction is not disputed. The outstandings
have accrued and the learned counsel for the
petitioner states on behalf of his client that
she gives up all the contentions and also her
right to move the DRT or other authority under
the SARFAESI Act and requests that the entire
outstandings will be paid in instalments.
Having regard to the amount covered by Ext.P1,
this writ petition is ordered directing that if
the petitioner deposits at the rate of Rs.2 lakhs
per month payable on or before the last working
WP(C)28863/2008 -: 2 :-
day of every month commencing from October,
2008, the impugned action will be held back and
ultimately dropped, if the entire outstandings
are satisfied. If there is default in depositing
any of the instalments as aforesaid, the
benefits of this judgment will stand recalled
and the writ petition will stand dismissed
automatically enabling the respondent to
forthwith proceed with further distress action
without further notice to the petitioner.
THOTTATHIL B. RADHAKRISHNAN,
JUDGE.
Sha/300908