IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 34119 of 2008(J)
1. M.T.SOMAN
... Petitioner
Vs
1. UNION OF INDIA , REP. BY THE CHIEF
... Respondent
2. BRANCH MANAGER, UNION BANK OF INDIA,
For Petitioner :SRI.JESWIN P.VARGHESE
For Respondent : No Appearance
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :27/11/2008
O R D E R
THOTTATHIL B.RADHAKRISHNAN, J.
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W.P(C).No.34119 OF 2008
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Dated this the 27th day of November, 2008
JUDGMENT
Heard.
The petitioner availed a housing loan and defaulted
repayment. The bank filed a suit. That was decreed without
contest. The amounts due some time in 2005 was around Rs.3.5
lakhs with future interest. No amount was paid. The bank
proceeded under the SARFAESI Act. There is no jurisdictional
error or legal infirmity in doing so. Under such circumstances,
giving up all other grounds and also the right to move the Debts
Recovery Tribunal for relief against the impugned proceedings,
the petitioner, through his learned counsel, sought for an
order permitting him to pay off the amounts in instalments. In
view of the fact that there is a decree binding on the parties,
the total amount that could be recovered by the bank
would stand governed by that decree. Taking that into
consideration and because the outstandings was determined way
WPC.34119/08
Page numbers
back in 2005, it is ordered that if the petitioner remits an
amount of Rs.1,00,000/- within one month from now and
Rs.50,000/- within a further period of three weeks, and continues
to remit amounts at the rate of Rs.50,000/- per month, payable
on or before the 25th of every month commencing from January,
2009, the impugned distress action will be deferred and dropped
on satisfaction of the recoveries. 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. The writ petition is ordered accordingly.
Sd/-
THOTTATHIL B.RADHAKRISHNAN,
Judge.
kkb.