IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 31876 of 2006(T)
1. C.R.ROY, 'JANANI NIVAS',
... Petitioner
2. MRS.J.JANAKI, 'JANANI NIVAS',
Vs
1. THE LIFE INSURANCE CORPORATION HOUSING
... Respondent
2. THE AREA MANAGER,
3. THE DISTRICT COLLECTOR,
For Petitioner :SRI.GEORGE JACOB (JOSE)
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :17/06/2008
O R D E R
S.SIRI JAGAN, J
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W.P.(C).No. 31876 OF 2006
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Dated this the 17th day of June, 2008.
J U D G M E N T
Petitioners are challenging proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002. At the time of
admission, this Court passed the following interim order on
1.12.2006.
“……………. There will be stay against
enforcement of Ext.P1 proposal for taking over and sale
of petitioners’ building for two months on petitioner
remitting rs.50,000/- within six weeks from now.
Petitioner will make specific proposal for payment of
balance amount for this to consider the same after
making payment as above within six weeks”.
The said interim order was modified on 1.3.2007 as follows:
“Interim stay extended for six months on condition
that the petitioner deposits at the rate of Rs.7,000/- per
month”.
This interim order was being extended from time to time.
2. Now, that there is an order permitting the petitioner
to pay at the rate of Rs.7,000/- per month, I feel that the writ
petition itself can be disposed of in terms of that order,
W.P.(C).No. 31876 OF 2006 2
permitting the petitioner to continue paying at the rate of Rs.
7,000/- per month until the entire amounts are paid off.
However, the counsel for the petitioner would submit that the
petitioner has certain dispute regarding the adjustments of
amounts already paid and he also claims benefit of one time
settlement scheme. In the above circumstances, this writ
petition is disposed of with the following directions:
The petitioner shall continue to pay at the rate of
Rs.7,000/- per month until the entire dues are completely wiped
off. In the meantime, within a period of one month from the
date of receipt of a copy of this judgment, the 2nd respondent
shall issue to the petitioner a statement of account giving all
details of calculation of interest and adjustments of amounts paid
by the petitioner. it would be open to the petitioner to file
objections to the said statement of account which shall be
considered by the 2nd respondent and if any of the objections are
accepted appropriate deductions shall be made in the amount
payable. If the petitioner files an application for the benefit of
one time settlement scheme, it shall be considered by the
W.P.(C).No. 31876 OF 2006 3
respondents 1 and 2, if a scheme for one time settlement is
currently in force and pass appropriate orders thereon. If the
petitioner is given the benefit of one time settlement scheme, if
any, the balance amount due shall also be adjusted accordingly.
However, in the case of granting benefits of one time settlement
scheme, payment of the balance amount shall be in accordance
with the conditions of such order on the application for one time
settlement and not in installments of Rs.7,000/- as directed
above. If the petitioner pays the installments on the first
working day of every month, further coercive proceedings shall
be kept in abeyance. However, if the petitioner commits default
in payment of any one installment, or as per the order under the
one time settlement scheme, if any, it would be open to the
respondents to continue proceedings under the Act, without
having to issue any fresh notice or proceedings in that regard.
S.SIRI JAGAN, JUDGE
bkn/-