Sivaprasad vs The Kottayam District … on 30 June, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 20295 of 2010(J)


1. SIVAPRASAD, S/O.VAVA,
                      ...  Petitioner

                        Vs



1. THE KOTTAYAM DISTRICT CO-OPERATIVE BANK
                       ...       Respondent

2. THE AUTHORIZED OFFICER,

3. THE JOINT REGISTRAR OF CO-OPERATIVE

                For Petitioner  :SRI.K.REGHU KOTTAPPURAM

                For Respondent  : No Appearance

The Hon'ble MR. Justice P.R.RAMACHANDRA MENON

 Dated :30/06/2010

 O R D E R
                     P.R.RAMACHANDRA MENON, J
                    ---------------------------
                       W.P(C) No.20295 of 2010-J
                    ----------------------------
                 Dated this 30th the day of June, 2010.

                            J U D G M E N T

The petitioner had availed a loan of Rs.96,000/- from the

respondent Bank creating security interest over the property in

question. But because of some unforeseen circumstances, the

petitioner could not satisfy the due amount. In the said

circumstances, there was no other alternative for the Bank, but to

declare the account as ‘NPA’ and proceed with further steps invoking

the provisions under the SARFAESI Act; which in turn is subjected to

challenge in this Writ Petition.

2. Heard the learned standing counsel appearing for the

Bank as well, who submits that the outstanding amount will come to

Rs.1,19,156/- as on 22.3.2010 with further interest and cost.

3. The learned counsel for the petitioner submits that the

petitioner does not intend to press any of the grounds raised in the

Writ Petition nor does the petitioner intend to avail the statutory

remedy. The only prayer is to permit the petitioner to clear the

entire liability in a phased manner; assuring that the petitioner will

W.P(C) No.20295 of 2010-J 2

deposit a sum of Rs.50,000/- within one week.

4. Accordingly, the petitioner is directed to deposit a sum

of Rs.50,000/- within one week and the balance amount shall be

cleared by way of ‘five’ equal monthly instalments; the first of which

shall be effected on or before the 30th of July, 2010; to be followed

by similar instalments to be effected on or before the 30th of the

succeeding months. Subject to the above, all further coercive

proceedings pursuant to Ext.P2 shall be kept in abeyance. It is

made clear that, if any default is committed by the petitioner 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.

P.R.RAMACHANDRA MENON
JUDGE

ab