IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C).No. 19470 of 2010(G)
1. GODBIN M.G. , S/O.SRI.GOPALAKRISHNAN
... Petitioner
Vs
1. THE MANAGER
... Respondent
For Petitioner :SRI.S.SANAL KUMAR
For Respondent : No Appearance
The Hon'ble MR. Justice P.R.RAMACHANDRA MENON
Dated :29/06/2010
O R D E R
P.R.RAMACHANDRA MENON, J.
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W.P.(C) No.19470 OF 2010
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Dated this the 29th day of June, 2010
J U D G M E N T
The petitioner availed a loan of Rs.2,06,000/- from
the respondent Bank, creating security over 20.30 Ares of land
and residential building situated thereon. It is the case of the
petitioner, that the loan was availed for the purpose of starting a
Diary Farm, but because of adverse circumstances, the petitioner
was not in a position to satisfy the liability on time, making him
defaulter, under which circumstance, the account was declared
as ‘NPA’ and the Bank proceeded with further steps under the
SARFAESI Act for realisation of the due amount, which in turn is
under challenge in this Writ Petition.
2. The case of the petitioner is that, inspite of
issuance of Ext.P2 notice, with regard to the claim of the
petitioner to extend the benefit under the Debt Relief Scheme,
2008, the respondent Bank has conveyed that 40% will be
wiped off and the remaining 60% of the liability has to be
remitted on or before 30.6.2010. In spite of this, the Bank has
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issued Ext.P3 Possession Notice, dated 15.6.2010, seeking to
realise a sum of Rs.2,73,756/- with interest and cost forthwith,
which is under challenge.
3. The learned Standing Counsel appearing for the
respondent Bank, on instructions, submits that, as per the
scheme, 25% waiver is provided by the Central Government
while 15% waiver is provided by the Bank itself, thus
constituting a total of 40% waiver, as separately given in Ext.P2
itself. Since the last date stipulated by the Central Government
in this regard is 30.6.2010, the Bank is not in a position to
extend the said date further, simultaneously adding that, if the
date is extended, the Bank does not have any objection to allow
the said extension to the petitioner as well.
4. The learned counsel for the petitioner submits
that the plight of the petitioner as on the date is really pathetic,
particularly he having met with quite adverse circumstances, in
so far as his father was hospitalised in connection with the heart
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surgery, making him to incur heavy financial burden. This being
the position, the petitioner is not in a position to satisfy the
demand of remitting 60% of the amount forthwith, and hence
seeks for the benefit of installments.
5. In the above circumstances, the petitioner is
permitted to clear the entire outstanding liability in a phased
manner. Accordingly, the petitioner is directed to clear the due
amount by way of ‘six’ equal monthly installments, the first of
which shall be effected within one month, i.e., on or before
30.7.2010, to be followed by similar instalments to be effected
on or before the 30th of succeeding months. It is made clear that
the benefit of the Debt Relief Scheme, or if the same is further
extended under any circumstance, or such other relief payable at
the hands of the respondent Bank, shall be given to the
petitioner as well, and the judgment passed by this Court will
not stand in the way of the parties for extending such relief. It
is also made clear that the petitioner is at liberty to approach the
Bank for availing some or other concessions/allowances, if any,
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on which event, the same shall be considered and disposed of at
the sole discretion of the Bank. If any concession is provided
by the Bank, as stated above, the same shall be given ‘set off’ at
the time of last instalment. Further, if any default is committed
by the petitioner in effecting the instalments as above, the
respondent Bank will be at liberty to proceed with further steps
for realisation of the amount in a lump sum.
The Writ Petition is disposed of as above.
P.R.RAMACHANDRA MENON,
JUDGE.
nj.