Jayasree Narayana Pillai vs The South India Bank Ltd on 5 August, 2008

       

  

  

 
 
  IN THE HIGH COURT OF KERALA AT ERNAKULAM

WP(C).No. 13984 of 2008(M)


1. JAYASREE NARAYANA PILLAI,
                      ...  Petitioner

                        Vs



1. THE SOUTH INDIA BANK LTD,
                       ...       Respondent

2. NARAYANA PILLAI,

                For Petitioner  :SRI.M.HARISHARMA

                For Respondent  :SRI.GEORGE VARGHESE,SC,SOUTH INDIAN BAN

The Hon'ble MR. Justice S.SIRI JAGAN

 Dated :05/08/2008

 O R D E R
                       S.SIRI JAGAN, J
                ==================
                 W.P(C)No.13984 of 2008
                ==================
         Dated this the 5th day of August, 2008.

                      J U D G M E N T

The petitioner challenges proceedings under the

Securitisation and Reconstruction of Financial Assets and

Enforcement of Security Interest Act, 2002, initiated by the

1st respondent for recovery of loan amounts due from the

petitioner to the bank. However, the petitioner does not

now dispute the liability to pay or the quantum. The

petitioner only seeks permission to pay off the amounts in

instalments. This is opposed by the Counsel for the bank.

However, taking a lenient view, I dispose of this writ

petition with the following directions:

The petitioner shall pay an amount of Rs. 5 lakhs

within one month from today. The balance amount shall be

paid in six equal monthly instalments starting from

3.10.2008. Every subsequent instalment shall be paid on

the first working day of every succeeding month. If the

W.P(C)No.13984 of 2008 – 2 –

petitioner pays the initial amount of Rs.5 lakhs and the

subsequent instalments in time without default, coercive

proceedings shall be kept in abeyance. However, if the

petitioner commits default in payment of either the

Rs.5 lakhs or any of the subsequent instalments, it would be

open to the 1st respondent to continue proceedings as now

initiated without having to issue any fresh notice or

proceedings in that regard.

S.SIRI JAGAN, JUDGE

rhs