IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 17773 of 2008(N)
1. K.M.GIRIJA, AGED 47 YEARS,
... Petitioner
Vs
1. NORTH MALABAR GRAMIN BANK, HEAD OFFICE
... Respondent
2. AUTHORIZED OFFICER (GENERAL MANAGER)
For Petitioner :SRI.M.CHATHUKUTTY NAMBIAR
For Respondent :SRI.DEVAN RAMACHANDRAN
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :18/08/2008
O R D E R
S.SIRI JAGAN, J
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W.P(C)No.17773 of 2008
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Dated this the 18th day of August, 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 respondents for coercive recovery of loan amounts due
from the petitioner. However, the petitioner does not
dispute the liability to pay or the quantum. The petitioner
only seeks permission to pay off the amounts in
instalments. This is opposed by the counsel for the bank.
2. However, taking a lenient view, I dispose of this
writ petition with the following directions.
The petitioner shall pay an amount of Rs. 2 lakhs
within one month. The balance amount shall be paid in
six equal monthly instalments starting from 1.11.2008.
Subsequent instalments shall be paid on the 1st working
day of every succeeding month. If the petitioner pays the
above amounts in time without default, proceedings under
the Act shall be kept in abeyance. However, if the
W.P(C)No.17773 of 2008 – 2 –
petitioner commits default in payment of either the
Rs. 2 lakhs or any of the subsequent instalments on the
due dates, it would be open to the respondent to continue
proceedings as now initiated without having to issue any
fresh notice or proceedings in that regard.
S.SIRI JAGAN, JUDGE
rhs