IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 1522 of 2010(M)
1. FAIZAL P.S,
... Petitioner
Vs
1. SYNDICATE BANK, MANIPAL, PIN:576 104.
... Respondent
2. THE AUTHORISED OFFICER/
3. SYNDICATE BANK, KALPATHARU BUILDING,
For Petitioner :SRI.SAJAN VARGHEESE K.
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :29/01/2010
O R D E R
P.R. RAMACHANDRA MENON, J.
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WP(C) No. 1522 of 2010
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Dated, this the 29th day of January, 2010
J U D G M E N T
The petitioner had availed a loan of Rs.4.32 lakhs from the
respondent Bank on 17.10.2006. The repayment could not be effected
on time as scheduled, which compelled the respondent Bank to proceed
with further steps invoking the remedy under the SARFAESI Act, which
is under challenge in this Writ Petition.
2. The learned counsel for the respondents submits on
instructions, that the petitioner is a chronic defaulter and the overdue
amount itself will be nearly Rs.1.08 lakhs with interest and cost. The
learned counsel further submits that, if the petitioner clears the entire
overdue amount as above, the respondent Bank is ready and willing to
have the loan account regularized.
3. Considering the facts and circumstances, the petitioner is
directed to repay the ‘overdue amount’ by way of ‘three’ equal monthly
instalments, the first of which shall be effected on or before the 5th of
February, 2010, to be followed by similar instalments to be effected on
or before the 5th of the succeeding months. This will be in addition to the
liability of the petitioner to clear the regular EMIs as well. Subject to the
WP(C) No.1522/2010
2
above, all further coercive steps now being pursued against the petitioner
shall be kept in abeyance. It is also made clear that, if any default is
committed by the petitioner in satisfying the overdue amount as above or
if any two consecutive defaults are made with regard to the regular EMIs,
the respondent Bank will be at liberty to proceed with further steps for
realisation of the entire 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
