IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 23334 of 2007(C)
1. JUMI, AGED 40, W/O KASIM,
... Petitioner
Vs
1. INDIAN OVERSEAS BANK,
... Respondent
For Petitioner :SRI.VARGHESE PREM
For Respondent : No Appearance
The Hon'ble MR. Justice S.SIRI JAGAN
Dated :03/08/2007
O R D E R
S. SIRI JAGAN, J.
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W.P.(C)NO.23334 OF 2007
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DATED THIS THE 3rd DAY OF AUGUST, 2007
JUDGMENT
The petitioner challenges proceedings under the
Securitisation and Reconstruction of Financial Assets and Enforcement
of Security Interest Act. However, the petitioner limits her prayer for
permission to pay off the amounts in instalments.
2. The learned standing counsel appearing for the bank
stoutly opposes the prayer. According to him, the petitioner is not
entitled to any relief, in so far as admittedly the petitioner is a
defaulter. The contention of the petitioner is that the petitioner has
been paying the amounts due regularly till 2006 and only because of
the breakdown of her business and a very serious road accident in
which her son was seriously injured, she could not pay the amounts
subsequently.
3. Having heard both sides, I feel that a lenient attitude can
be taken to the petitioner in the matter of payment of amounts in
instalments. Accordingly, I dispose of this writ petition with the
following directions.
The petitioner shall pay an amount of Rs.3.5 lakhs within one
W.P.(c)No.23334/07 2
month from today. The balance amounts shall be paid in six equal
monthly instalments starting from 1.10.2007. Every subsequent
instalments shall be paid on the 1st working day of every succeeding
month. If the petitioner pays the above amounts and instalments
on the due dates, further proceedings pursuant to impugned notices
shall be kept in abeyance. However, if the petitioner commits
default in payment of the initial lump sum payment or any of the
instalments, it would be open to the respondents to continue
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.23334/07 3