IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 5983 of 2008(K)
1. BIJOY, S/O.VAREED, AGED 29 YEARS,
... Petitioner
Vs
1. THE AUTHORISED OFFICER,
... Respondent
2. STATE BANK OF INDIA,
For Petitioner :SRI.RENJITH THAMPAN
For Respondent :SRI.K.K.CHANDRAN PILLAI,SC,SBI
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :20/02/2008
O R D E R
ANTONY DOMINIC, J.
------------------------------------
W.P.(C) 5983 of 2008
-------------------------------------
Dated: February 20, 2008
JUDGMENT
The petitioner against whom proceedings have been initiated
under the Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002, has approached this
court challenging the whole proceedings when it has reached the
sale of the property, which is scheduled to take place today at 3
p.m.
2. Apart from the submission made by the learned counsel
regarding the possible incorrectness of the liability quantified, the
petitioner is not disputing the liability as such. As far as the
request of the counsel for the petitioner for regularising the account
concerned, it is countered by the learned counsel for the bank on
the ground that once an account is classified as NPA, it may not be
possible to regularise the account. However, the bank does not
object to an instalment facility being granted to the petitioner for
enabling him to discharge the liability that is due.
3. Having regard to the submissions by both sides, I dispose
WP(C) 5983/08
Page numbers
of this writ petition with the following directions:-
Within one week from today, the bank shall furnish a
statement of account to the petitioner indicating the entire liability
to be discharged by the petitioner. Once the statement of account
is received, the petitioner shall make payment of Rs.40,000/-
before 31.3.2008. Subject to such payment, all further proceedings
will stand deferred.
The balance outstanding will be paid by the petitioner in eight equal
monthly instalments commencing from 30.4.2008 and the
subsequent instalments will be payable on or before the 30th of
every succeeding month. Irrespective of the direction granted as
above, petitioner is free to pursue his request with the bank for
regularising the account.
4. It is clarified that in case default is committed, the bank
will be free to continue the action it has already initiated.
Writ petition is disposed of as above.
ANTONY DOMINIC, JUDGE
mt/-