IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 25049 of 2008(F)
1. GEORGE JACOB, S/O.K.K.CHACKO,
... Petitioner
Vs
1. CANARA BANK, ETTUMANOOR BRANCH,
... Respondent
For Petitioner :SMT.S.MUMTAZ
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :25/08/2008
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)No. 25049 OF 2008
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Dated this the 25th day of August, 2008
JUDGMENT
The petitioner is a defaulter in repayment of loan amounts
due from him to the respondent bank. The bank has initiated
proceedings under the Securitisation and Reconstruction of
Financial Assets and Enforcement of Security Interest Act, which
is under challenge before me. However, the petitioner now wants
only permission to pay off the amounts in instalments.
2. This is opposed by the learned Counsel for the bank,
who would submit that the petitioner is not entitled to any further
indulgence in the matter since the bank had already given
sufficient time to pay off the amounts to the petitioner. However,
taking a lenient view, I dispose of this writ petition with the
following directions:
The petitioner shall pay an amount of Rs.90,000/- within
one month from today. The balance amount shall be paid in six
equal monthly instalments starting from 1.11.2008. Every
subsequent instalment shall be paid on the first working day of
W.P.(C)No. 25049 OF 2008 2
every succeeding month. If the petitioner pays the initial
amount of Rs.90,000/- and the instalments in time without
default, further proceedings under the Act shall be kept in
abeyance. However, if the petitioner commits default in
payment of either the Rs.90,000/- or any of the subsequent
instalments, it would be open to the respondent to continue
proceedings as now initiated without having to issue any fresh
notice of proceedings in that regard.
S. SIRI JAGAN, JUDGE
Acd
W.P.(C)No. 25049 OF 2008 3