IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 25481 of 2010(I)
1. AHAMEED KABEER,S/O.VEERAN HAJI,
... Petitioner
Vs
1. CANARA BANK OTTAPALAM BRNACH,
... Respondent
2. THE AUTHORISED OFFICER,
For Petitioner :SMT.T.D.RAJALAKSHMI
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :18/08/2010
O R D E R
P.R. RAMACHANDRA MENON J.
~~~~~~~~~~~~~~~~~~~~~~~
W.P. (C) No. 25481 of 2010
~~~~~~~~~~~~~~~~~~~~~~~
Dated, this the 18th day of August, 2010
JUDGMENT
The petitioner availed two different loans from the respondent Bank
in connection with construction and improvement of the house, creating
security interest over the property in question. But, since the repayments
was not effected on time, the Bank proceeded with further steps under the
SARFAESI Act, which is under challenge in this Writ Petition.
2. The learned counsel for the petitioner submits that, the default
was never wilful but because of some unforeseen pecuniary
circumstances. It is stated that the petitioner is ready and willing to clear
the entire liability within the shortest possible time, for which the benefit of
installments is sought for. The learned counsel further submits that, the
petitioner is not intending to avail the statutory remedy by resorting to the
steps under Section 17 of the Act.
3. The learned standing counsel appearing for the respondent Bank
submits that, the outstanding liability in respect of the first loan is
Rs.10,84,734/- whereas the outstanding liability in respect of the second
loan is Rs. 1,48,923/-
4. Considering the facts and circumstances and also the persuasive
submission made by the learned counsel for the petitioner, this Court finds
W.P.(C) No. 25481 of 2010
2
it fit and proper to permit the petitioner to clear the liability in a phased
manner. Accordingly, the petitioner is directed to clear the entire
outstanding liability by way of ‘six’ equal monthly installments; the first of
which shall be effected on or before the 20th of September, 2010 to be
followed by similar installments to be effected on or before the 10th of the
succeeding months. Subject to this, the coercive proceedings stated as
being pursued against the petitioner shall be kept in abeyance, for the time
being. It is made clear that, if the petitioner commits any default in
clearing the outstanding liability as above, the respondents will be at liberty
to proceed with further steps for realization of the entire amount in lump
sum.
The Writ Petition is disposed of.
P. R. RAMACHANDRA MENON, JUDGE
kmd