Divya Chidambaram vs The Authorized Officer on 13 January, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 35234 of 2009(Y)


1. DIVYA CHIDAMBARAM,
                      ...  Petitioner

                        Vs



1. THE AUTHORIZED OFFICER,THE KADATHURUTHY
                       ...       Respondent

2. THE KADATHURUTHY URBAN CO-OPERATIVE

                For Petitioner  :SMT.R.RANJINI

                For Respondent  :SRI.VARGHESE C.KURIAKOSE

The Hon'ble MR. Justice P.R.RAMACHANDRA MENON

 Dated :13/01/2010

 O R D E R
               P.R. RAMACHANDRA MENON, J.
                  -----------------------------------------------
                          WP(C) No. 35234 of 2009
                         ------------------------------------
               Dated, this the 13th day of January, 2010


                               J U D G M E N T

The proceedings taken by the respondent Bank invoking the

power under the SARFAESI Act have been subjected to challenge in

this Writ Petition.

2. When the matter came up for admission before this Court

on 08.12.2009, the coercive steps were intercepted, on condition that

the petitioner deposited a sum of Rs.2,00,000/- on before 31.12.2009.

The learned counsel appearing for the petitioner submits that, the

condition imposed while granting the interim order has already been

complied with. Learned counsel appearing for the respondent submits

with specific reference to the counter affidavit that the outstanding

liability as on date will come around Rs.9.83 lakhs plus further interest

and cost. The learned counsel for the petitioner submits that the

petitioner might be permitted to clear the entire liability by way of

reasonable instalments. Considering the facts and circumstances, this

Court finds it fit, just and proper that the petitioner is permitted to wipe

off the entire liability by way of regular monthly instalments.

3. In the above facts and circumstances, the petitioner is

WP(C) No.35234/2009
2

directed to clear the outstanding liability as above, by way of `ten’ equal

monthly instalments, the first of which shall be effected on or before the

31st of this month, to be followed by similar instalments to be effected on

or before the 25th of the succeeding months. It is also made clear that, if

any default is committed by the petitioner in satisfying the liability as

above, the respondent Bank will be at liberty to proceed with further steps

for realisation of the entire amount in a lump sum, by pursuing such steps

from the stage where it stands now.

The Writ Petition is disposed of accordingly.

P. R. RAMACHANDRA MENON
JUDGE
dnc