IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 11289 of 2008(R)
1. P.O.PREMAN, PROPRIETOR, OPAL
... Petitioner
Vs
1. UNION BANK OF INDIA, REPRESENTED BY
... Respondent
For Petitioner :SRI.P.M.PAREETH
For Respondent : No Appearance
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :02/04/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) 11289 of 2008
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Dated: APRIL 2, 2008
JUDGMENT
Petitioner had availed of financial assistance in the form of
letter of credit to his export business. It is stated that towards the
default that was committed, the liability has been substantially
cleared and despite that, more than Rs.50 lakhs still remains due. It
is on account of this, the bank has initiated proceedings under the
Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 and Ext.P1 is the notice
issued. The petitioner does not contest the liability as such, but
only seeks waiver of the dues to the extent possible and for this, it
does not appear that the petitioner has made a formal application.
2. However, on instructions, the standing counsel submits
that in case the petitioner makes an appropriate application, that
will be considered for eligible concessions. However, he insists that
the petitioner should make a satisfactory payment at the earliest.
WP(C) 11289/08
Page numbers
3. Having heard the counsel on both sides, I dispose of this
writ petition with the following directions:-
The petitioner shall within one month from today, remit one-
third of the amount in any manner convenient to him. Once
payment is made as above, it will be open to the petitioner to make
an appropriate representation to the respondent for eligible
concessions and on receipt thereof, the representation shall be
considered in terms of the scheme that is adopted by the bank. It
is directed that subject to payment as above, until a decision is
taken on the representation, Ext.P1 shall be deferred. Needless to
say that in case default is committed, the bank will be free to
continue the action it has already taken without further notice.
Petitioner shall produce a copy of this judgment before the
respondent for compliance.
ANTONY DOMINIC, JUDGE
mt/-