IN THE HIGH COURT OF KERALA AT ERNAKULAM
WP(C) No. 30386 of 2007(P)
1. K.B.BABURAJAN, KRISHNANJALI BUILDING
... Petitioner
Vs
1. STATE BANK OF INDIA, REPRESENTED BY THE]
... Respondent
2. STATE BANK OF INDIA, VARANAPILLY BRANCH
For Petitioner :SMT.S.MUMTAZ
For Respondent :SRI.K.K.CHANDRAN PILLAI
The Hon'ble MR. Justice ANTONY DOMINIC
Dated :21/11/2007
O R D E R
ANTONY DOMINIC, J
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W.P.(C).30386/2007
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Dated this the 21st day of November, 2007
JUDGMENT
The challenge in this writ petition is against the
proceedings initiated under the Secrutisation and
Reconstruction of Financial Assets and Enforcement of
Security Interest Act. It is stated that since 2005, default
has been committed by the petitioner and now the liability
is more than 2.28 Lakhs. In view of the consistent default,
proceedings were initiated by the Bank under the Act and
after issuing necessary notices, the Bank had obtained an
order under Section 14 of the Act. Presently the Bank is
proposing to take possession of the property and is
proceeding for its sale for realization of the debt and it is
at that stage this writ petition has been filed.
2. On hearing the counsel on either side and going
through he pleadings, I am satisfied that the petitioner
has not made out any case warranting interference on
merits. However, the petitioner may discharge his
liability by remitting Rs.75,000/- within one month from
W.P.(C).30386/2007
2
today in which further proceedings will be deferred by
the Bank. The balance amount will also be paid by the
petitioner in four equal monthly instalments commencing
from 1st January, 2008 and subsequent instalments
payable on the 1st of every of succeeding month. Subject
to the payments as above, the impugned proceedings will
be deferred. In case, the petitioner commits default in
remitting any one the instalments, Bank will be free to
proceed the sale without further notice.
Writ petition is disposed of as above.
ANTONY DOMINIC
Judge
mrcs