Vivek Cement Centre vs Union Bank Of India on 14 November, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 33691 of 2008(J)


1. VIVEK CEMENT CENTRE, REP. BY ITS
                      ...  Petitioner

                        Vs



1. UNION BANK OF INDIA, KOTTAYAM BRANCH,
                       ...       Respondent

                For Petitioner  :SMT.S.MUMTAZ

                For Respondent  : No Appearance

The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN

 Dated :14/11/2008

 O R D E R
            THOTTATHIL B.RADHAKRISHNAN, J.
                   -------------------------------------------
                    W.P(C).No.33691 OF 2008
                  -------------------------------------------
            Dated this the 14th day of November, 2008


                              JUDGMENT

The petitioner availed a facility from the respondent,

defaulted repayment and faced proceedings under the

SARFAESI Act. After arguing the matter for quite some time,

when faced with a situation that there is no jurisdictional error

or legal infirmity in the impugned proceedings, learned counsel

for the petitioner confines the submissions to a request that the

petitioner may be granted sometime to pay off the remaining

amounts in instalments. In furtherance of this plea, learned

counsel for the petitioner canvassed that even after the notice

under Section 13 (2), an amount of Rs.15 lakhs was paid. Under

such circumstances, after hearing learned counsel for the

petitioner and learned counsel for the bank, this writ petition is

ordered directing that if the petitioner remits an amount of Rs.5

lakhs on or before 29th of November, 2008 and continues to remit

the remaining amounts, including accruals, in four equal

WPC.33691/08

Page numbers

monthly instalments, payable on or before the 25th of every

month, commencing from December, 2008, the impugned

distress action will stand deferred and ultimately dropped.

However, if there is default in remitting any of the amounts as

aforesaid, the benefit of this judgment shall stand recalled

automatically and distress action shall follow.

Sd/-

THOTTATHIL B.RADHAKRISHNAN,
Judge.

kkb.