IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 22276 of 2008(B)
1. G.RAJAN, S/O.GOPALAN, AGED 57 YEARS,
... Petitioner
Vs
1. AUTHORISED OFFICER, UNION BANK OF INDIA,
... Respondent
2. BRANCH MANAGER, UNION BANK OF INDIA,
For Petitioner :SRI.JOHNSON P.JOHN
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :06/08/2008
O R D E R
S. SIRI JAGAN, J.
------------------------------------
W.P.(C)No.22276 OF 2008
----------------------------------------
Dated this the 6th day of August, 2008
JUDGMENT
The petitioner challenges proceedings under the
Securitisation and Reconstruction of Financial Assets and
Enforcement of Security Interest Act, initiated by the respondents
against the petitioner, for recovery of loan amounts due from the
petitioner to the respondents. However, the petitioner now
confines his relief for a direction to the respondents to permit the
petitioner to pay off the amounts in instalments.
2. I have heard the learned Standing Counsel appearing
for the bank who opposes the same.
Having heard both sides, I feel that some leniency can be
shown to the petitioner in the matter of payment of amounts in
instalments. Accordingly, the writ petition is disposed of with the
following directions:
The petitioner shall pay an amount of Rs.1 lakh within one
month from today. The balance amount shall be paid in five
equal monthly instalments starting from the 1st working day of
W.P.(c)No.22276/08 2
October 2008. Every subsequent instalment shall be paid on
the 1st working day of every succeeding month. If the
petitioner pays the above amounts without default, further
proceedings under the Act shall be kept in abeyance.
However, if the petitioner commits default in payment of either
the Rs.1 lakh or any of the subsequent instalments, it would be
open to the respondents to complete proceedings as now
initiated without having to issue any fresh notice or
proceedings in that regard.
S. SIRI JAGAN, JUDGE
Acd
W.P.(c)No.22276/08 3