IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 6619 of 2010(B)
1. SHIFLA KHADER,
... Petitioner
2. MRS.ZIYAD ZAKHARIA,PROPRIETOR,
Vs
1. THE AUTHORIZED OFFICER
... Respondent
2. STATE OF KERALA,
For Petitioner :SRI.P.K.MUHAMMED
For Respondent :SRI.SAJI MATHEW
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :05/04/2010
O R D E R
P.R.RAMACHANDRA MENON, J
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W.P(C) No.6619 of 2010-B
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Dated this the 5th day of April, 2010.
J U D G M E N T
The petitioners had availed a loan to the extent of Rs.1 lakh
from the respondent Bank. But the same could not be repaid on
time, under which circumstances, the Bank proceeded with further
steps under the relevant provisions of the SARFAESI Act, which is
under challenge in this Writ Petition.
2. The learned counsel for the petitioners submits that the
condition imposed by this Court on 24.3.2010 while intercepting
the coercive steps has already been satisfied; that the petitioners
do not intend to press any of the challenges raised against the steps
taken by the Bank and the only prayer pressed before this Court is
to permit the petitioners to clear the entire liability by way of
reasonable instalments.
3. The learned counsel for the Bank submits that a balance
amount about Rs.75,000/- is due from the petitioners under the
loan transaction. This Court does not propose to go into the
correctness or otherwise of the actual amount due; but for finding it
W.P(C) No.6619 of 2010-B 2
fit and proper to permit the petitioners to clear the liability in a
phased manner.
4. Accordingly, the petitioners are permitted to clear the
entire outstanding liability by way of `three’ equal monthly
instalments; the first of which shall be effected on or before the 30th
of this month; to be followed by similar instalments to be effected
on or before the 30th of the succeeding months. Subject to this, all
further coercive proceedings shall be kept in abeyance. It is made
clear that, if any default is committed by the petitioners in satisfying
the due amount as above, it will open to the Bank, to proceed with
appropriate steps for realisation of the entire amount in a lump
sum.
The Writ Petition is disposed of.
Sd/-
P.R.RAMACHANDRA MENON
JUDGE
//True Copy//
P.A to Judge
ab
W.P(C) No.6619 of 2010-B 3