Jayamon.T.P. vs The Authorized Officer on 13 January, 2010

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 786 of 2010(W)


1. JAYAMON.T.P., S/O. PONNAPPAN, AGED 41,
                      ...  Petitioner

                        Vs



1. THE AUTHORIZED OFFICER,
                       ...       Respondent

2. REGIONAL MANAGER IN-CHARGE, THE KERALA

                For Petitioner  :SRI.R.KRISHNAKUMAR (CHERTHALA)

                For Respondent  :SRI.NAGARAJ NARAYANAN,SC,K.S.CO-OP BANK

The Hon'ble MR. Justice P.R.RAMACHANDRA MENON

 Dated :13/01/2010

 O R D E R
              P.R. RAMACHANDRA MENON, J.
                -----------------------------------------------
                         WP(C) No. 786 of 2010
                        ----------------------------------
              Dated, this the 13th day of January, 2010


                             J U D G M E N T

This is a petition challenging the coercive proceedings taken by

the respondent Bank invoking the provisions under the SARFAESI Act,

when the petitioner was turned to be defaulter in satisfying the liability

under a loan transaction.

2. The learned counsel appearing for the respondent Bank

submits on instructions that the outstanding liability towards the

defaulted arrears comes around Rs.55,000/-, plus interest and cost and

that, if the petitioner clears the entire outstanding liability as above

towards the defaulted arrears, the Bank is very much ready and willing

to have the loan account regularized.

3. After considering the facts and circumstances, the petitioner

is directed to wipe off the overdue amount as stated above, by way of

two equal monthly instalments, the first of which shall be effected on or

before the 31st of this month and the next one on or before the 25th of the

next month, on which event, the loan account will stand regularized and

all further coercive proceedings shall be kept in abeyance subject to the

above. This will be in addition to the liability of the petitioner to satisfy

WP(C) No.786/2010
2

the regular EMI as well. It is also made clear that, if any default is made

in satisfying the liability towards the defaulted instalments or if any two

consecutive defaults are made in respect of 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

proceedings from the stage where it stands now.

The Writ Petition is disposed of accordingly.

P. R. RAMACHANDRA MENON
JUDGE
dnc