IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 5732 of 2008(G)
1. ABDUL HASSAN, AGED 52 YEARS,
... Petitioner
Vs
1. THE AUTHORISED OFFICER,
... Respondent
2. THE STAE BANK OF TRAVANCORE,
3. THE UNION OF INDIA,
For Petitioner :SRI.K.M.FIROZ
For Respondent :SRI.M.PATHROSE MATTHAI (SR.)
Dated :19/02/2008
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO. 5732 OF 2008 G
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Dated this the 19th day of February, 2008
J U D G M E N T
Petitioner against whom proceedings have been initiated
under the Securitisation and Reconstruction of Financial Assets
and Enforcement of Security Interest Act has filed this writ
petition challenging the proceedings which have reached the
stage of dispossession on the strength of an order passed under
Section 14 of the Act. Though several contentions have been
raised in the writ petition, learned counsel only seeks an
instalment facility to discharge the liability within a reasonable
time.
2. I heard the learned standing counsel for the Bank, who
points out that there are two loans availed of by the petitioner,
one a housing loan and other a cash credit facility. It is pointed
out by the Bank that as far as the housing loan is concerned, the
defaulted amount itself comes to Rs. 2 lakhs and the petitioner
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should clear the defaulted amount within the shortest possible
time. It is also suggested that the default towards the cash
credit facility enjoyed by the petitioner should be cleared, if not in
one lump, atleast in instalments. This suggestion made by the
counsel for the Bank is very fair and is acceptable to the
petitioner.
3. Having regard to the aforesaid submissions made by
both sides, I dispose of this writ petition with the following
directions.
1) That the amount in default towards the housing loan
availed of by the petitioner should be cleared by the petitioner
within one month from today.
2) Once remittance is made as above, Bank will permit
the petitioner to pay the balance in instalments as originally
agreed in the loan agreement.
3) In so far as the cash credit facility availed of by the
petitioner is concerned, arrears should be cleared by the
petitioner in 12 equal monthly instalments, first of which will be
payable on the 15th of March, 2008 and the subsequent
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instalments will be payable on the 15th of every succeeding
month.
4) Subject to payment as above, the proceedings
initiated against the petitioner will be deferred and in case the
petitioner commits default, the Bank will be free to continue the
action that it has already initiated, without further notice.
ANTONY DOMINIC,JUDGE.
Rp