IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 37060 of 2008(J)
1. ALICE MATHEW AND ANOTHER
... Petitioner
Vs
1. STATE BANK OF TRAVANCORE AND OTHERS
... Respondent
For Petitioner :SRI.K.L.JOSEPH
For Respondent :SRI.K.S.DILIP
The Hon'ble MR. Justice THOTTATHIL B.RADHAKRISHNAN
Dated :16/12/2008
O R D E R
THOTTATHIL B.RADHAKRISHNAN, J.
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W.P(C).No.37060 OF 2008
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Dated this the 16th day of December, 2008
JUDGMENT
Heard.
No other grounds are raised for decision, except the
request of the petitioners for a facility to pay off the outstandings
in instalments. The petitioners availed a vehicle loan to purchase
a lorry for the purpose of their business. They defaulted
repayment and the account was classified as NPA and
proceedings were initiated under the SARFAESI Act. There is no
jurisdictional error or legal infirmity in the impugned
proceedings. Taking the request of the petitioners for an
opportunity to pay off the outstandings, it is directed that if the
petitioners pay an amount of Rs.65,000/- on or before 31.12.2008
and continues to pay amounts at the rate of Rs.1 lakh per month,
payable on or before the last working day of every month
commencing from January, 2009 and thus wipe off the entire
outstandings, including accruals, distress action will stand
deferred and ultimately dropped on satisfaction. However, if
WPC.37060/08
Page numbers
there is default in remitting any of the instalments as aforesaid,
the benefit of this judgment will stand recalled automatically and
distress action shall follow. The writ petition ordered
accordingly.
Sd/-
THOTTATHIL B.RADHAKRISHNAN,
Judge.
kkb.