S.Subhash vs Syndicate Bank on 8 April, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 9673 of 2010(H)


1. S.SUBHASH, S/O.SUKUMARAN,
                      ...  Petitioner
2. S.O.SHISSI, W/O.S.SUBHASH,

                        Vs



1. SYNDICATE BANK, REPRESENTED BY ITS
                       ...       Respondent

2. MANGER, SYNDICATE BANK,

                For Petitioner  :SRI.THOMAS ABRAHAM

                For Respondent  : No Appearance

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

 Dated :08/04/2010

 O R D E R
                  P.R.RAMACHANDRA MENON, J.
                        ------------------------
                     W.P.(C)No.9673 OF 2010
                        ------------------------

                  Dated this the 8th day of April, 2010

                             JUDGMENT

The learned counsel for the petitioners submits that the

condition imposed by this court while granting the interim order

dated 23/3/2010 has already been complied with.

2. The learned standing counsel appearing for the

respondent bank submits that the balance outstanding liability

will be nearly Rs.13,00,000/-. The learned counsel for the

petitioner submits that the petitioners are ready and willing to

settle the liability, if the Bank is ready to provide the benefit of

‘OTS’. In response to this, the learned counsel for the bank

submits that the benefit of OTS’ was extended to the petitioners,

which however was not availed on time, and this made the

bank to proceed with further steps.

2. Taking note of the submissions made from either side,

the petitioners are permitted to clear the entire liability in a

phased manner, by way of ‘six’ equal monthly instalments, the

first of which shall be effected on or before 30/4/2010 and the

remaining instalments shall be effected on or before the 30th of

WPC NO. 9673/2010 -2-

the succeeding month. Subject to this, Ext.P1 notice shall be

kept in abeyance. It is also made clear that if any default is

made by the petitioners in clearing the liability as above, the

respondents will be at liberty to proceed with further steps for

realisation of the entire amount in lump sum.

3. The petitioner will be at liberty to file a representation

before the Bank for extending concessions or allowances, if any,

on which event, the same shall be considered (upon satisfying

the first instalment as above) to the permissible extent at the

sole discretion of the Bank and the benefit shall be given credit

against the ‘last instalment’ payable by the petitioners.

The Writ Petition is disposed of as above.

P.R.RAMACHANDRA MENON,
JUDGE.

dpk