IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 18249 of 2010(E)
1. M.SASI, AGED 53, S/O.MADHAVANKUTTY,
... Petitioner
Vs
1. THE AUTHORISED OFFICER,
... Respondent
For Petitioner :SRI.A.B.MOHANAKUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :22/06/2010
O R D E R
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 18249 of 2010
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Dated, this the 22nd day of June, 2010
JUDGMENT
The petitioner availed a loan of nearly Rs. 2 lakhs from the
Chirayinkeezhu branch of the respondent Bank, creating security
interest over the property in question. But, the repayments could not
be effected on time, which made the respondent to proceed with the
steps under the SARFAESI Act, after declaring the account as ‘NPA’,
which is turn subject to challenge by filing the present Writ Petition.
2. When the matter came up for consideration on 01.06.2010,
‘status quo’ was ordered to be maintained on condition that the
petitioner deposited a sum of Rs, 50,000/- within one week, which is
stated as complied with.
3. The learned counsel for the petitioner submits that, the
petitioner does not intend to press any of the grounds raised against
the steps taken by the Bank nor does he intend to approach the DRT,
to avail the statutory remedy. The limited prayer now pressed before
this Court is to provide some breathing time to wipe off the entire
liability, by reasonable installments.
4. The learned standing counsel appearing for the respondent
Bank submits, on instructions, that after deducting the sum of
W.P. (C) No. 18249 of 2010
: 2 :
Rs.50,000/- remitted by the petitioner, pursuant to the interim order, the
balance amount will be nearly Rs. 3 lakhs.
5. Considering the facts and circumstances, the petitioner is
permitted to clear entire outstanding liability by way of ‘6’ equal monthly
installments; the first of which shall be paid on or before the 15th of July,
2010; to be followed by similar installments to be effected on or before
the 15th of succeeding months. Subject to this, the coercive proceedings
stated as being pursued against the petitioner shall be kept in
abeyance, for the time being. It is made clear that, if the petitioner
commits any default in clearing outstanding liability as above, the
respondents will be at liberty to proceed with further steps for
realization of the entire amount in lump sum. It is further made clear
that this will not stand in the way of the petitioner to approach the
respondent for the benefit of ‘OTS’ if any, or any concessions or
allowances, as the case may be. On such event, the same shall be
considered and the eligible benefit shall be extended to the petitioner,
which shall be set off against the final installment to be effected in the
due course.
The Writ Petition is disposed of.
P. R. RAMACHANDRA MENON, JUDGE
kmd