IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 35216 of 2009(V)
1. SURESH P., S/O.PODIYAN, AGED 30 YEARS,
... Petitioner
Vs
1. THE CHIEF MANAGER/AUTHORISED OFFICER,
... Respondent
2. THE BRANCH MANAGER, CANARA BANK,
For Petitioner :SRI.C.B.SREEKUMAR
For Respondent :SRI.N.RAJAGOPALAN NAIR
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :10/02/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
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W.P.(C) No. 35216 OF 2009
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Dated this the 10th February, 2010
J U D G M E N T
The petitioner is challenging the steps taken by the respondent
Bank invoking the machinery under the SARFAESI Act in the attempt
to realise the amount due from the petitioner under a loan
transaction.
2. When the matter came up for consideration before this Court
on 07.12.2009, the coercive proceedings were intercepted on
condition that the petitioner remitted a sum of Rs. Two lakhs on or
before 21.12.2009. It is stated that the condition imposed by this
Court was complied with, whereupon the interim order was extended
further.
3. The learned Counsel for the respondent Bank, on instruction,
submits that the outstanding liability, as on date, will cross rupees
fifteen lakhs with interest and cost.
4. Considering the persuasive request made by the learned
Counsel for the petitioner and also the rival submission made by the
learned counsel for the respondent Bank to protect the interest of the
Bank, this Court finds it fit and proper to have the matter disposed of,
permitting the petitioner to clear the entire liability in a phased
manner, by granting necessary installments.
W.P.(C) No. 35216 OF 2009
2
5. Accordingly, the petitioner is directed to remit a sum of Rs.
Six lakhs on or before 15.03.2010 and the balance shall be cleared by
way of five equal monthly installments, the first of which shall be
effected on or before the 15th April, 2010 to be followed by similar
installments to be effected on or before the 15th of the succeeding
months. Subject to the above, the revenue recovery proceedings
stated as being pursued against the petitioner shall be kept in
abeyance. It is made clear that if any default is committed by the
petitioner in effecting the installments/payments as above, the
respondents will be at liberty to proceed with further steps for
realisation of the entire amount in a lump sum, from the stage where
it stands now. It is also made clear that this will not preclude the
petitioner from approaching the respondent Bank for availing some or
other concessions/allowance, if any.
The Writ Petition is disposed of as above.
P.R. RAMACHANDRA MENON,
JUDGE.
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