IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 23015 of 2008(M)
1. K.S.SASI, AGED 38, S/O.SREEDHARAN NAIR,
... Petitioner
Vs
1. UNION OF INDIA,REP.BY SECRETARY,
... Respondent
2. STATE OF KERALA, REP.BY ITS SECRETARY,
3. CHIEF JUDICIAL MAGISTRATE COURT,
4. THE VIJAYA BANK, CHOTTANIKKARA BRANCH
5. MR.ANUP.N.V, ADVOCATE COMMISSIONER,
For Petitioner :SRI.VARGHESE C.KURIAKOSE
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :30/07/2008
O R D E R
S. Siri Jagan, J.
=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=-=
W. P (C) No. 23015 of 2008
=-=-=-=-=-=-=-=-=--=-=-=-=-=-=-=-=-=
Dated this, the 30th July, 2008.
J U D G M E N T
The petitioner is challenging proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 initiated by the 4th
respondent for recovery of loan amounts due from the petitioner to
the 4th respondent. However, the petitioner now submits that in view
of the very pathetic circumstances of the petitioner and his family, a
lenient attitude may be taken so as to enable the petitioner to pay off
the amounts in instalments.
2. This is opposed by the counsel for the Bank, who would
submit that in spite of sufficient opportunity given to the petitioner, he
has not paid any amounts. He submits that the amount would come to
more than Rs. 3,50,000/-. However, considering the pathetic
circumstances detailed in the writ petition, I think that a lenient
attitude shall be taken by the 4th respondent in the matter. But, at
the same time, the interest of the 4th respondent also has to be
protected. Admittedly, the 4th respondent has already taken
possession of the security interest. The petitioner wants to be put
back in possession. Taking into account the facts and circumstances
of the case, I dispose of this writ petition with the following directions:
Immediately on payment of an amount of Rs. 50,000/-, the
petitioner shall be put back in possession on the petitioner executing
an undertaking to the effect that if the further conditions mentioned
herein are not complied with by the petitioner, the petitioner shall
voluntarily surrender possession to the 4th respondent on demand.
The petitioner shall pay a further amount of Rs. 50,000/- on or before
1-9-2008. The balance amount shall be paid in four equal monthly
instalments starting from the first working day of October, 2008.
Every subsequent instalment shall be paid on the first working day of
W.P.C. No. 23015/08 -: 2 :-
every succeeding month. On the above conditions, further
proceedings under the Act shall be kept in abeyance. However, if the
petitioner commits default in complying with any of the above
conditions, it would be open to the 4th respondent to take back
possession without having to take any other measures in that regard
and the petitioner shall voluntarily surrender possession on demand.
It would be open to the 4th respondent to thereafter complete
proceedings as now initiated without having to issue any fresh notice
or proceedings in case of default.
Sd/- S. Siri Jagan, Judge.
Tds/
[True copy]
P.S to Judge.