IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 28929 of 2007(R)
1. CHRISTU RAJAN,
... Petitioner
Vs
1. THE AUTHORISED OFFICER,
... Respondent
2. THE BRANCH MANAGER,
For Petitioner :SRI.NAGARAJ NARAYANAN
For Respondent :SRI.R.S.KALKURA
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :03/10/2007
O R D E R
ANTONY DOMINIC, J.
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W.P.(C) NO. 28929 OF 2007
====================
Dated this the 3rd day of October, 2007
J U D G M E N T
The proceedings initiated against the petitioner under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, 2002 is under challenge.
There does not appear to be any dispute in the liability or the
quantum. All that the petitioner now seeks is an instalment
facility to discharge the liability.
2. I heard the learned standing counsel for the
respondent Bank, who insists that substantial payment should be
made immediately by the petitioner.
3. Having considered the submissions made by both
sides, I dispose of this writ petition directing that before
15/10/2007, petitioner shall make a payment of Rs.1,00,000/-,
(Rupees One lakh) and on receipt of that payment, the Bank will
intimate the petitioner the balance amount due. On receipt of
such intimation, the balance so informed shall be paid by the
WPC 28929/07
: 2 :
petitioner in three equal monthly instalments. This shall be
payable on the 15th of November 2007, December 2007 and
January 2008.
4. Subject to compliance with these conditions,
proceedings initiated against the petitioner will stand deferred. If
the petitioner commits default in payment of any one of the
instalments, the Bank will be entitled to proceed without further
notice.
Writ petition is disposed of as above.
ANTONY DOMINIC, JUDGE.
Rp