IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 4249 of 2010(E)
1. AVARANKUTTY, S/O.AHAMED
... Petitioner
Vs
1. THE AUTHORISED OFFICER
... Respondent
2. THE BRANCH MANAGER
3. JAMSHID N NALAKATH,PROPRIETOR "OCTAVE
4. SALULUDEEN NALAKATH, S/O.N.MOHAMMED
For Petitioner :SRI.T.SETHUMADHAVAN
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :15/02/2010
O R D E R
P.R.RAMACHANDRA MENON, J
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W.P(C) No. 4249 of 2010-E
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Dated this the 15th day of February, 2010.
J U D G M E N T
The petitioner is before this Court challenging the steps taken
by the respondent bank invoking the machinery under the SARFAESI
Act in respect of the amount stated as due under the loan
transaction.
2. The learned counsel for the petitioner submits that the
petitioner has made other alternate arrangements to clear the entire
liability and that the same might be permitted to be cleared by way
of reasonable monthly instalments.
3. The learned counsel for the respondent bank submits on
instructions that a sum of Rs.7,27,978/- is due in respect of one
loan transaction and a similar sum of Rs.7,63,515/- is due in
respect of the another loan. After considering the submissions
made from either side, the petitioner is directed to deposit a sum of
Rs.5 lakhs within one month and the balance amount shall be
cleared by way of `five’ equal monthly instalments; the first of which
W.P(C) No. 4249 of 2010-E 2
shall be effected on or before the 15th of April 2010; to be followed
by similar instalments to be effected on or before the 15th of the
succeeding months. It is made clear that, if any default is
committed by the petitioner in satisfying the due amount as above,
it will open to the bank, to proceed with appropriate steps for
realisation of the entire amount in a lump sum.
The Writ Petition is disposed of.
P.R.RAMACHANDRA MENON
JUDGE
ab