IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 24966 of 2010(U)
1. P.DEVADASAN, S/O.DEVADASAN,
... Petitioner
Vs
1. THE CHIEF MANAGER, SYNDICATE BANK,
... Respondent
2. THE BRANCH MANAGER, SYNDICATE BANK,
For Petitioner :SMT.K.A.ANGEL TREENA
For Respondent : No Appearance
The Hon'ble MR. Justice C.K.ABDUL REHIM
Dated :31/08/2010
O R D E R
C.K.ABDUL REHIM, J
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W.P(C) No.24966 of 2010-U
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Dated this the 31st day of August, 2010.
J U D G M E N T
I am not at all inclined to entertain challenges raised in this writ
petition against proceedings initiated under the Securitization and
Reconstruction of Financial Assets and Enforcement of Security Interest
Act, 2002 (SARFAESI Act) in view of remedies provided under that statute.
It is obvious that the petitioner, on receipt of notice under Section 13(2)
of the Act, has not chosen to raise any objection. The notice now issued
under Section 13(4) is also amenable to challenge in statutory appeal.
Having not utilized any of the above opportunities, the petitioner cannot
be permitted to challenge validity or correctness of the proceedings in a
writ petition.
2. However, learned counsel appearing for the petitioner
submitted that the petitioner had already paid an amount of
Rs.1,40,000/- subsequent to Ext.P1, and that he is ready and willing to
pay off the entire liability within a reasonable time, in instalments.
3. Learned counsel appearing for the respondent Bank pointed
out that the amount demanded under Ext.P3 is Rs.10,27,138/- along
with interest due from 31.7.2010 onwards. Since the loan account in
W.P(C) No.24966 of 2010-U 2
chronic default, the proposal for providing instalment facility is stiffly
opposed.
4. Having considered rival contentions and the facts and
circumstances attendant in this case, I am of the opinion that some
indulgence can be shown in permitting the petitioner to pay off the entire
liability in instalments, within a reasonable time.
5. In the result, the writ petition is disposed of directing the
respondents to keep further steps pursuant to Ext.P3 in abeyance, on
condition of the petitioner remitting the entire balance amounts due, in 5
(five) equal monthly instalments, falling due on or before 15.9.2010 and
on or before the 15th day of the succeeding months.
6. It is made clear that on the event of default in payment of any
of the instalments as stipulated above, the respondents will be free to
proceed with further steps of recovery. It is also made clear that the
above relief is granted subject to the condition that the petitioner is
precluded from raising any subsequent challenge against such
proceedings, either before this Court or before any other forum.
Sd/-
C.K.ABDUL REHIM
JUDGE
//True Copy//
ab P.A to Judge