Andikadan Sainaba vs The Nilambur Co-Operative Urban on 28 July, 2009

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 21182 of 2009(P)


1. ANDIKADAN SAINABA,
                      ...  Petitioner
2. ABDU KOTHAPARAMBAN, RESIDING AT

                        Vs



1. THE NILAMBUR CO-OPERATIVE URBAN
                       ...       Respondent

                For Petitioner  :SRI.A.RANJITH NARAYANAN

                For Respondent  : No Appearance

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

 Dated :28/07/2009

 O R D E R
                 P.R. RAMACHANDRA MENON, J.
             ........................................................................
                   W.P.(C) No.21182 OF 2009
             .........................................................................
                       Dated this the 28            th July, 2009


                                 J U D G M E N T

The petitioners have approached this Court by filing the

present Writ Petition challenging the coercive steps taken by

the respondent Bank invoking the provisions under the

SARFAESI Act; simultaneously pointing out that the petitioners

are ready and willing to clear the entire liability to the Bank

provided some breathing time is given in this regard.

2. The learned Counsel for the petitioners submits that

when the petitioners were confronted with the actual facts and

figures on an earlier occasion, they had approached this Court by

filing W.P.(C)No.8552 of 2009 wherein an interim order was

passed by this Court on 18.03.2009 directing to pay a sum of

Rs.Three lakhs, subject to which, the coercive steps were

intercepted. However, on finding that the condition imposed by

this Court was not satisfied, interference was declined and the

Writ Petition was dismissed as per Ext.P1 judgment. The

learned Counsel for the petitioners submits that the condition

W.P.(C) No.21182 OF 2009

2

imposed by this Court was however satisfied though belatedly

and that the only relief claimed for in the present Writ Petition is

to permit the petitioners to satisfy the entire liability by way

of reasonable installments.

3. Prima facie no interference is called for, since the matter

has already become final in view of Ext. P1 judgment.

However, in view of the persuasive submissions made by the

learned Counsel for the petitioners that the challenge raised by

the petitioners against the steps taken by the respondent Bank

under the SARFAESI Act, is no more intended to be pursued and

further since the learned Counsel appearing for the respondent

Bank fully concedes that the petitioners had already satisfied the

condition imposed by this Court while granting the interim order

on 18.03.2009, though belatedly, the Bank is ready and willing

to give an opportunity to the petitioners to wipe out the entire

liability.

4. The learned Counsel for the Bank submits that the

petitioners will have to prove their bonafides by remitting a

substantial portion of the liability immediately and that the

W.P.(C) No.21182 OF 2009

3

balance amount shall be cleared within a reasonable time

thereafter.

5. In the above facts and circumstances, the petitioner is

directed to deposit a sum of Rs. One lakh on or before the 15th

September 2009 and the balance amount shall be paid on or

before the 31st December, 2009. Subject to the above all

coercive proceedings stated as being pursued against the

petitioners shall be kept in abeyance and if any default is

committed by the petitioners in satisfying the liability as above,

the respondent Bank will be at liberty to proceed with further

steps from the stage where it stands now for realisation of the

entire amount in a lump sum.

The Writ Petition is disposed of as above.

P.R. RAMACHANDRA MENON,
JUDGE.

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