Abdul Basheer P.B vs M/S. Dhanalaxmi Bank on 13 August, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 25214 of 2010(B)


1. ABDUL BASHEER P.B.
                      ...  Petitioner

                        Vs



1. M/S. DHANALAXMI BANK
                       ...       Respondent

2. DISTRICT MAGISTRATE (DISTRICT COLLECTOR)

                For Petitioner  :SRI.G.HARIHARAN

                For Respondent  : No Appearance

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

 Dated :13/08/2010

 O R D E R
                   P.R. RAMACHANDRA MENON, J.
             ..............................................................................
                      W.P.(C) No. 25214 OF 2010
              .........................................................................
                     Dated this the 13th August, 2010

                                   J U D G M E N T

Being aggrieved of Ext. P1 notice issued under Section 13

(2) of the SARFAESI Act and the consequential steps being

pursued by the Bank for realisation of the amount stated as due

under a loan transaction, the same has been subjected to

challenge in this Writ Petition. The learned Counsel for the

petitioner submits that the default was never wilful, but because

of some unforeseen frustrating/pecuniary circumstances. It is

also stated that the petitioner is making earnest arrangements

to see that the entire liability is cleared forthwith and the only

relief now pressed before this Court is to provide the benefit of

installments, simultaneously adding that the petitioner does not

intend to press any other grounds raised in the Writ Petition nor

does he intend to avail the statutory remedy by approaching the

DRT. The learned Counsel for the Bank, submits that the

outstanding liability as on 17.05.2010 is Rs.2,10,823/- with

further interest and cost.

2. Taking note of the limited extent of the relief sought

W.P.(C) No. 25214 OF 2010

2

for, this Court finds it fit and proper to permit the petitioner to

clear the liability in a phased manner. Accordingly, the

petitioner is directed to deposit a sum of Rs.50000/- (Rupees

fifty thousand only) as assured during the course of hearing on

or before 30.08.2010 and the balance shall be satisfied by way

of ‘three’ equal monthly installments, the first of which shall be

cleared on or before 30.09.2010 to be followed by similar

installments to be effected on or before the 30th of the

succeeding months. Subject to this, the recovery proceedings

shall be kept in abeyance. If any default is committed by the

petitioner in effecting the installments as above, the respondents

will be at liberty to pursue further steps for realisation of the

entire amount in a lump sum.

The Writ Petition is disposed of.

P.R. RAMACHANDRA MENON,
JUDGE.

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