IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 11556 of 2009(L)
1. BINUKUMARAN NAIR, SREEDEVI VILASOM,
... Petitioner
Vs
1. THE CATHOLIC SYRIAN BANK LTD,
... Respondent
2. THE BRANCH MANAGER,CATHOLIC SYRIAN
3. AUTHORISED OFFICER,
For Petitioner :SRI.K.L.NARASIMHAN
For Respondent :SRI.K.ANAND (A.201)
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :11/01/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
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WP(C) No. 11556 of 2009
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Dated, this the 11th day of January, 2010
J U D G M E N T
The petitioner had availed two housing loans from the first
respondent Bank in the year 2006. Since the petitioner could not satisfy
the liability by effecting instalments on time, the Bank proceeded with
steps under the SAFAESI Act, which is sought to be intercepted in the
present Writ Petition.
2. When the matter came up for consideration before this
Court on 07.04.2009, further proceedings were stayed subject to the
condition that the petitioner deposited a sum of Rs.1.5 lakhs on or
before 30.04.2009 and another Rs.1.5 lakhs on or before 19.05.2009.
The learned counsel for the petitioner submits that the condition
imposed by this Court has already been satisfied. Learned Counsel
appearing for the Bank submits that, but for the payment effected by the
petitioner based on the interim order passed by this Court, no further
amount has been paid by the petitioner. However, considering the
persuasive submissions made by the learned counsel for the petitioner
and also taking note of the nature of the loan and the compliance with
the directions given by this Court, it is found fit and proper to permit the
WP(C) No.11556/2009
2
petitioner to wipe off the entire liability by way of four equal monthly
instalments, the first of which shall be effected on or before the 31st of this
month, to be followed by similar instalments to be effected on or before
the 25th of the succeeding months. Subject to the above, the coercive
steps stated as being pursued against the petitioner shall be kept in
abeyance. It is also made clear that if any default is made by the
petitioner in clearing the liability as above, the respondent Bank will be at
liberty to proceed against the petitioner and his assets for realisation of
the amount in a lump sum by pursuing such steps from the stage where it
stands now.
The Writ Petition is disposed of accordingly.
P. R. RAMACHANDRA MENON
JUDGE
dnc