IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 23169 of 2008(G)
1. RAJESH, 40 YEARS, S/O.SREENIVASAN
... Petitioner
Vs
1. VIJAYA BANK, ALAPPUZHA BRANCH
... Respondent
For Petitioner :SRI.SUNIL J.CHAKKALACKAL
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :31/07/2008
O R D E R
S. Siri Jagan, J.
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W. P (C) No. 23169 of 2008
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Dated this, the 31st July, 2008.
J U D G M E N T
The petitioner challenges proceedings under the Securitisation
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 initiated by the respondent for recovery of loan
amounts due from the petitioner to the Bank. However, the petitioner
does not now dispute the liability to pay or the quantum. The
petitioner only seeks permission to pay off the amounts in instalments.
2. This is opposed by the standing counsel for the Bank.
However, taking a lenient view, I feel that the petitioner can be
permitted to pay off the amounts in instalments. Accordingly, I
dispose of the writ petition with the following directions:
The petitioner shall pay an amount of Rs 2.5 lakhs within one
month. The balance amount shall be paid in eight equal monthly
instalments starting from the first working day of October, 2008.
Every subsequent instalment shall be paid on the first working day of
every succeeding month. If the petitioner complies with the above
directions strictly, further recovery proceedings shall be kept in
abeyance. However, if the petitioner fails to pay either the Rs. 2.5
lakhs or any of the subsequent instalment, 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.
Sd/- S. Siri Jagan, Judge.
Tds/
[True copy]
P.S to Judge.