IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 18996 of 2009(T)
1. A.ABDUL RASHEED, S/O.K.ABDUL SHUKKOOR,
... Petitioner
2. NOORJAHAN, W/O.ABDUL RASHEED,
Vs
1. UNION OF INDIA,
... Respondent
2. THE AUTHORISED OFFICER & CHIEF MANAGER,
3. UNION BANK OF INDIA,
For Petitioner :SRI.M.RAMASWAMY PILLAI
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :13/07/2009
O R D E R
P.R. RAMACHANDRA MENON J.
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W.P. (C) No. 18996 of 2009
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Dated, this the 13th day of July, 2009
JUDGMENT
The petitioners, in connection with the business, had availed a
cash credit facility of Rs. 89 lakhs. Subsequently the business was
collapsed and despite all the adverse circumstances, the petitioners
managed to sell some or other properties and accordingly a sum of
Rs.71 lakhs was paid as per the accounts till the last year.
2. The learned counsel for the respondent Bank submits that, as
on date, a sum of more than Rs. 28 lakhs is due, with further interest
and cost.
3. The learned counsel appearing for the petitioner submits that,
the petitioners have made alternate arrangements to find out
prospective purchasers to the property in question and once the
purchaser turns up, the amount to be procured by virtue of the sale of
the property could be remitted to the Bank so as to clear the entire
outstanding liability. The limited prayer now made before this Court is to
provide some breathing time to the petitioner to complete the steps
being taken in this regard.
4. The learned counsel for the respondent Bank vehementally
opposed the prayers sought for, asserting that, the attitude and
approach of the petitioner have not been trustworthy so far. Though the
petitioners have remitted a portion of the loan amount, the
WP (C) No. 18996 of 2009
: 2 :
arrangements stated as made to have the property disposed of for
generating the funds is stated as doubted.
5. Any how, considering the facts and circumstances, particularly
the submission made by the counsel for the petitioners that, a total sum
of Rs.71 lakhs has already been remitted to the Bank and the limited
time required for clearing the said liability is six months, the petitioners
are permitted to clear the entire liability within a total span of six
months. Out the entire liability, the petitioners have to effect the
payment of Rs.5 lakhs within six weeks and the balance amount shall
be cleared by way of four regular monthly installments to be effected on
or before the 15th of every month commencing from September 2009
onwards, if the sale is not materialized in the meantime. Till such time,
the coercive proceedings stated as being taken against the petitioners
under the relevant provisions of SARFAESI Act, shall be kept in
abeyance. It is also made clear that, if the petitioners commit any
default in effecting the payment as above, the respondent Bank will be
at liberty to proceed with the steps for realization of the entire amount in
lump sum. This will be without prejudice to the right of the petitioners to
approach the respondent Bank for availing the benefit of OTS or other
concessions, if any, to be decided at the hands of the Bank.
The Writ Petition is disposed of as above.
P. R. RAMACHANDRA MENON, JUDGE
kmd